Bitcoin is nearing $98,000, just 2% away from six figures

Bitcoin prices hit $97,765 in early trading in Asia on Thursday, November 21, according to Tradingview on Bitstamp.

The cryptocurrency has gained 40% since Donald Trump won the presidential election earlier this month, adding more than $28,000 to its price. To put that into perspective, one BTC traded for around $28,000 in October 2023, just over a year ago.

Furthermore, BTC is now about 2% away from reaching the six-figure price milestone of $100,000.

Where we’re headed, $100,000 candles are the new $10,000 candles.

— CALEO (@CryptoKaleo) November 21, 2024

Experts and analysts react

Industry experts and analysts have started talking about the supply shock, with demand for BTC far outstripping supply.

On November 21, ETF Store President Nate Geraci noted that almost 20 million BTC had already been mined, with four to five million “lost” and one million sitting in Satoshi wallets. Additionally, Bitcoin ETFs now hold one million BTC and MicroStrategy is on track to reach 400,000 BTC.

“It’s not a price prediction, but there’s only so much to do,” he said.

Nearly 20 million btc have been mined out of the total final supply of 21 million…

It is estimated that 4-5 thousand btc are lost forever.

Satoshi has more than 1 thousand btc.

Spot ETFs already have over 1k btc.

MSTR on track to 400k btc.

It’s not a price prediction, but there’s only so much to do.

— Nate Geraci (@NateGeraci) November 21, 2024

Meanwhile, Capriole Fund founder Charles Edwards said the “normal mind” cannot fathom Bitcoin over $100,000, and retail FOMO will begin when that milestone is reached.

“A ton of supply unloads between $90,000 and $100,000 for this reason. The teleportation occurs past $100,000 as the masses come back in with FOMO.”

On November 21st, Lookonchain reported that whales were still hoarding BTC even at peak prices. A whale amassed 3,289 BTC worth more than $300 million from Binance over the past two days and currently holds 25,010 BTC worth $2.37 billion, he reported.

Wednesday was also another big day for spot Bitcoin ETFs, with BlackRock’s IBIT seeing a massive inflow of $628 million.

No love for Altcoins

Bitcoin dominance continues to rise, reaching 61.5% on November 21, its highest level since March 2021. This has also pushed the total crypto market cap to an all-time high of $3.28 trillion .

At the same time, Ethereum continues to weaken and remains flat on the day to trade at $3,100 at the time of writing. The ETH/BTC ratio is also the lowest it has been in three and a half years.

Most altcoins are also in the red today as Bitcoin continues to eat into their market shares. There were bigger losses for Dogecoin (DOGE), Shiba Inu (SHIB), Sui (SUI) and most meme coins as hopes for another season faded. Now, however, most have managed to recoup much of their recent losses.

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