Bitcoin continues its meteoric progression and reaches a new all-time high at $92,559. This spectacular performance comes as the first crypto has already posted an increase of 117% since the start of the year.
Bitcoin exceeds $92,000
Bitcoin reached a new historic milestone this Wednesday, November 13, 2024 at 3:02 p.m. UTC, reaching $92,559 on the main exchange platforms. This spectacular progression represents an increase of 6.91% over the last 24 hours, bringing the year-to-date performance to an impressive 117%.
The total crypto market capitalization has now exceeded $3.02 trillion, with Bitcoin dominance standing at 59.6%.
This new bullish phase is a continuation of the rally triggered by Donald Trump's victory in the American presidential elections. Institutional investors, emboldened by this political outlook favorable to the crypto sector, have massively increased their exposure to Bitcoin.
The influx of capital is particularly visible through trading volumes which have reached record levels on the main platforms, demonstrating sustained interest from both individual and institutional investors.
A market which consolidates its positions
After a brief consolidation around $90,000, Bitcoin demonstrates its resilience by setting new highs. Technical analysis reveals the formation of a strong uptrend line with crucial support at $85,200.
Technical indicators remain largely positive, including the price maintaining above the 100-hour simple moving average. This favorable technical configuration suggests the possibility of an extension of the movement towards $100,000, a major psychological level now within reach.
It is notable that during this rise of Bitcoin, Ethereum, the second crypto by capitalization, displayed a more modest performance with a price of $3,290 and an increase of only 1.25% over 24 hours, although up by 25% on the week.
In short, the continuation of this rally will largely depend on the market's ability to maintain current support levels, particularly the $85,000 zone, considered crucial by analysts for the continuation of the upward movement.
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