Bitcoin, the leading cryptocurrency by market cap, recently hit a new record high of $97,836, according to CoinGecko data.
The leading cryptocurrency is up by nearly 6% over the past 24 hours, with its market cap now approaching the $2 trillion mark.
The recent rally comes after massive inflows recorded by Bitcoin ETF products on Wednesday. BlackRock's IBIT alone recorded $626.5 million in fresh money. Fidelity’s FBTC also recorded $134 million in fresh inflows.
The odds of Bitcoin reaching the $100,000 level this November have now surged to as high as 81% on popular betting site Polymarket.
Alex DovbnyaBitcoin is already up roughly 40% this November after 20 days
However, major altcoins have failed to catch the bullish wave. Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), and other high-profile alternative cryptocurrencies are actually in the red.
Ethereum (ETH), the flagship altcoin, is up only by a mere 0.5% over the past 24 hours despite the impressive gains logged by the leading cryptocurrency.
Meanwhile, the ETH/BTC pair has now plunged to its lowest level since March 2021.
As reported by U.Today, prominent trader John Bollinger recently described Ether's underperformance as a worrying sign.
However, the underperformance of altcoins could be the next opportunity, according to analyst Chris Burniske. This was the case during the previous market cycles.
“Seen it happen repeatedly, with new reasons sprouting each time for why a rotation won't happen again -- and yet, just as Earth spins, we'll rotate,” he said.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin