Bitcoin rebound and head to $100,000 target again

Bitcoin rose to $98,000 today after falling to its weekly low point, with various views pushing it back to its $100,000 target price.

Bitcoin (BTC), the world’s largest cryptocurrency by market cap, rose nearly 3% last week to $98,436 after falling below its weekly average to $93,913 on Tuesday.

Martial law in South Korea created a stir and fell to a record low, but the token rebounded a few hours later after President Yoon Suk Yeol ended the order.

1-Day BTC price chart, 28 October – 05 December 2024 | Source: crypto.news

Trump’s appointment of former Securities and Exchange Commission (SEC) Commissioner Paul Atkins as the head of the institutions added a positive atmosphere to the market. Ripple’s Brad Garlinghouse and Congressman Tom Emmer even support these nominations due to their pro-crypto stance

Fed Chairman Jerome Powell’s acceptance of Bitcoin as a rival to gold also provides perspective that this digital asset is generally known as a safe asset class.

Ethereum follows Bitcoin’s target move

According to CoinMarketCap data dated December 05, Bitcoin dominance has also decreased by almost 5% to 54%, and this record was last seen this July. In comparison, Ethereum and other cryptocurrencies increased to 12.9% and 32.6% respectively, indicating that Altcoins have room for growth.

Ethereum (ETH) rose 5.21% to $3,813 in one-day trading. This largest blockchain token in the world is also heading towards its next price target of $4,000 and will likely skyrocket to a new all-time high of $4,891; Last recorded 3 years ago.

Although other leading cryptocurrencies have not yet performed, the total crypto market cap increased by 1.87% to $3.58 trillion.