u.today
Bitcoin, the leading cryptocurrency by market cap, recently hit a new record high of $97,836, according to CoinGecko data.
The leading cryptocurrency is up by nearly 6% over the past 24 hours, with its market cap now approaching the $2 trillion mark.
The recent rally comes after massive inflows recorded by Bitcoin ETF products on Wednesday. BlackRock's IBIT alone recorded $626.5 million in fresh money. Fidelity’s FBTC also recorded $134 million in fresh inflows.
The odds of Bitcoin reaching the $100,000 level this November have now surged to as high as 81% on popular betting site Polymarket.
Bitcoin is already up roughly 40% this November after 20 days
However, major altcoins have failed to catch the bullish wave. Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), and other high-profile alternative cryptocurrencies are actually in the red.
Ethereum (ETH), the flagship altcoin, is up only by a mere 0.5% over the past 24 hours despite the impressive gains logged by the leading cryptocurrency.
Meanwhile, the ETH/BTC pair has now plunged to its lowest level since March 2021.
As reported by U.Today, prominent trader John Bollinger recently described Ether's underperformance as a worrying sign.
However, the underperformance of altcoins could be the next opportunity, according to analyst Chris Burniske.
“Seen it happen repeatedly, with new reasons sprouting each time for why a rotation won't happen again -- and yet, just as Earth spins, we'll rotate,” he said.