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Bitcoin’s current rally has brought it tantalisingly close to the $100,000 mark. Earlier today, the cryptocurrency reached an intraday high of $98,312, reflecting a 6.7% gain in just 24 hours. 

MicroStrategy’s bold Bitcoin strategy has had a major impact on its own success. The company has now climbed into the top 100 publicly traded companies in the US, now ranking 97th. 

Experts believe the drop in the hashrate could mean that miners expect the current rally to slow down.

Metaplanet has been actively buying Bitcoin throughout 2024. Its holdings now stand at 1,018 $BTC, worth around $93.5 million at today’s prices. 

Goldman Sachs’ growing investments in cryptocurrency are surprising given the bank’s past stance. In 2020, Goldman Sachs dismissed Bitcoin, claiming it was “not an asset class” and “not suitable for investment.”

Bitcoin’s impressive rally has been closely tied to the rising popularity of Bitcoin ETFs. These funds allow investors to gain exposure to Bitcoin without having to buy and store the cryptocurrency directly, making it easier for people to invest in Bitcoin. 

Bitcoin’s rise in the asset rankings was made possible by a sharp price jump. Its value spiked to over $89,000 in a single day, which is a new all-time high for the coin.

Bitcoin’s price surge in 2024 has seen it increase by nearly 94%, thanks in part to interest in US Bitcoin exchange-traded funds (ETFs) and the recent decision by the US Federal Reserve to lower interest rates. 

Other major funds, such as Fidelity’s FBTC, Grayscale’s Mini Trust, and products from Ark, 21Shares, and Bitwise, also saw a rise in trading volume, some nearly double their average daily volume.

Despite Bitcoin’s rapid price growth, market analysts don’t believe the cryptocurrency is currently overvalued.