Bitcoin reaches $98,000 due to rising confidence
Bitcoin recently reached a new record of more than $98,000. This is due to increased trading and analysts remaining positive about Bitcoin’s future. The price is rising because investors have confidence in the market. In the long run, if the supply of rental housing in the United States continues to grow, it could cause the cost of housing to rise at a slower rate. This would be good news for the economy and markets, giving investors more confidence to invest in a more stable economic situation.
Advisors embrace crypto: diversification in portfolios
Bitcoin’s recent rise to over $98,000 has boosted confidence in the crypto market, leading more and more financial advisors to recommend digital assets for portfolio diversification. Some 26% of advisors recommend investing 2% of a portfolio in crypto, while 22% recommend as much as 5%. This is due to growing institutional interest in crypto, as shown in a survey by Sygnum, where 57% of institutional investors said they would like to increase their crypto allocations. With clearer rules and the positive performance of crypto markets, more and more investors remain optimistic.
Bitcoin ETF options: huge success on day one
The launch of Bitcoin ETF options has caused a huge boost in the crypto market. Almost $2 billion in options contracts were traded on the first day of trading (Nov. 19, 2024). Analysts see the advent of ETF options as a major catalyst for the rising price and increased investor interest. In addition, record inflows of $2.19 billion into crypto funds were recorded this week, with Bitcoin products leading the way. The growing popularity of Bitcoin ETF options and continued inflows into Bitcoin funds indicate increasing confidence in Bitcoin’s future.
