Bitcoin hits $94,000, sets a new all-time high

Bitcoin, the flagship cryptocurrency smashed a new all-time high touching $94,000 yesterday evening.

The primary crypto asset continues to surge following the bull run currently sweeping through the market.

The new all-time high means that Bitcoin is $6000 shy of hitting the $100,000 mark predicted by analysts to be the new price of one Bitcoin before the end of the year.

Bitcoin at the moment is exchanging hands for $93,319 surging by 1.7% in the last 24 hours. The asset is less than $1000 down from its new all-time high which it touched yesterday evening.

Crypto community reacts to New all-time high 

The global crypto community reacted with excitement to the new all-time high reached by Bitcoin yesterday. Reactions from top voices in the sector bordered on positive exclamations and technical explanations for the rise in Bitcoin price.

Michael Arrington the founder of TechCrunch reacted to the development on his X page by sharing a meme
Aaron Dishner a crypto trader gave a technical explanation of Bitcoin’s all-time high as the crypto asset hit $94,000
Bitcoin reached a new all-time high above 94,000 USDT but is still testing resistance at the 1.618 Fib level. #RSI is now oversold for an incredible 14 days, signaling caution despite continued bullish strength on volume, OBV, and the upward-trending #TBO Slow line. Aaron tweeted
Other reactions from other members of the crypto community bordered on Bitcoin hitting a possible $100,000 before the year ends.

Blackrock lists IBIT for options trading on the Nasdaq 

Blackrock, one of the largest financial institutions in the world has listed its spot Bitcoin ETF product on Nasdaq.

This listing played a key role in Bitcoin hitting its new all-time high with its trading volume rising to $85 billion and market capitalization surging to $1.8 trillion after the launch.
Bloomberg Intelligence ETF Analyst, James Seyffart revealed in an X post that the new IBIT stock by Blackrock attracted 289,000 call options and 65,000 put options in a day of trading.
Seyffart argued that these call options reveal a high level of interest for Bitcoin in the market and resulted in Bitcoin hitting its new all-time high.

What to Know

Another credible Bloomberg ETF analyst, Eric Balchunas, drew comparisons between IBIT and another product released two decades ago. The product is known as SPDR Gold Trust (GLD) which trades for $5 billion today.
Other Altcoins are also surging following the Bitcoin rally, with Ethereum predicted to hit $4,000 before the year ends. Solana has surged by 15.3% in the last 7 days and is currently exchanging hands for $237.46