Bitcoin hits record high, within touching distance of $100,000 milestone

The world's leading cryptocurrency topped $99,300, coming within striking distance of the psychological milestone that many experts had anticipated after the US election results.

In Short

• Bitcoin nears $100,000, hits new all-time high
• Sees 4% rise, trading at $99,314.95 in 24 hours
• Market cap surges to $1.97 trillion, approaching $2 trillion

Bitcoin continued its upward momentum on Friday, reaching a new all-time high just under the $100,000 mark.

The world's leading cryptocurrency topped $99,300, coming within striking distance of the psychological milestone that many experts had anticipated after the US election results.

As of Asian trading hours, Bitcoin traded at $99,314.95, having gained nearly 4% in the past 24 hours. Its market capitalisation has also surged to $1.97 trillion, inching closer to the $2 trillion mark.

This rally has been fuelled by several factors, including an increase in trading volume, which rose by 9% to $95.84 billion.

Bitcoin has gained over 48% since the US election results were announced, which saw Donald Trump, a vocal crypto supporter, sweep to victory.

Trump’s support for cryptocurrencies, combined with backing from high-profile figures like Elon Musk, has provided further bullish sentiment to the market.

In addition to Trump’s influence, the broader crypto market has seen a surge in trading volume, which climbed nearly 25% to $244.41 billion.

While Bitcoin’s market dominance has slightly dipped to below 60%, altcoins like Ethereum, Solana, and XRP have surged, with some up by 25% in a single day.

With Bitcoin's dominance still holding strong and other digital assets on the rise, the attention is now focused on whether the flagship cryptocurrency will successfully break through the $100,000 barrier.