Bitcoin reached a new record high of $97,858, with its market cap climbing to $1.91 trillion. This surge, coupled with increased trading volume, has pushed US Bitcoin ETFs past $100 billion in assets. But what is driving this growth, and can Bitcoin reach $100K?
Trump's Influence on the Crypto Industry
Since being elected, Donald Trump has fueled interest in the crypto industry with his plans to support digital assets. Discussions about establishing a digital asset policy position in the White House have boosted market optimism. According to Caroline Bowler, CEO of BTC Markets, "These frequent pro-crypto news related to the incoming Trump administration feed the price rally."
Rise of Bitcoin ETFs
BlackRock continues to lead the Bitcoin ETF market, attracting $626.52 million on November 20. Companies like Fidelity and ARK also show strong influx performance. Total trading volume for Bitcoin ETFs rose to $5.71 billion.
Ethereum ETF Situation
Unlike Bitcoin, Ethereum ETFs saw outflows for the fifth consecutive day. However, BlackRock's Ethereum fund recorded inflows of $16.74 million, bucking the overall trend.
With Bitcoin currently at $97,659, it continues its march toward $100,000, while Ethereum remains steady. Analysts watch closely, expecting Bitcoin to potentially double by the year-end.
