Bitcoin (BTC) Approaches $98,000 as Altcoins Lag Behind

Bitcoin Reaches New Record High, Surges Towards $2 Trillion Market Cap

According to CoinGecko data, Bitcoin, the leading cryptocurrency by market capitalization, recently attained a record high of $97,836. Over the past 24 hours, it has experienced a significant surge of nearly 6%, bringing its market cap close to the $2 trillion mark.

This surge follows substantial inflows into Bitcoin exchange-traded funds (ETFs) on Wednesday. BlackRock's IBIT alone received $626.5 million in new investment, while Fidelity's FBTC gained $134 million.

The likelihood of Bitcoin reaching $100,000 by November has now increased to 81%, according to the popular betting platform Polymarket. Notably, Bitcoin has already appreciated by approximately 40% this November in just 20 days.

Altcoins Lag

Despite Bitcoin's impressive gains, major altcoins have not exhibited the same bullish trend. Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), and other notable alternative cryptocurrencies have even declined in value.

Underperformance of Ethereum

Ethereum (ETH), the flagship altcoin, has only risen by a meager 0.5% in the last 24 hours, despite Bitcoin's significant gains. Moreover, the ETH/BTC pair has plummeted to its lowest level since March 2021.

Analyst Perspective

As reported by U.Today, prominent trader John Bollinger expressed concern about Ethereum's underperformance. However, analyst Chris Burniske believes this underperformance could present an opportunity for future growth.

"I've seen this pattern repeatedly, with new reasons being given each time why a rotation won't occur again. But just as the Earth rotates, so too will the market," he stated.