Bitcoin soars above 98,000 dollar- countdown to 100,000

Bitcoin reaches a new record with a price of $98,141 and is now just under the historic $100,000 mark. Here's what's behind it.

During the night from Wednesday to Thursday, Bitcoin skyrocketed, passing the border of $97,000. At its peak, the crypto currency reached a rate of $98,141, a new all-time high! Over the past 24 hours, Bitcoin rose 7.6%, and on a monthly basis even 43%. Bitcoin's dominance in the crypto market is also increasing significantly. Earlier this year it was 50%, but now it has risen to 57%. In other words: BTC is outperforming much of the altcoins.

Why is Bitcoin rising?

One reason is Michael Saylor's insatiable appetite for Bitcoin. On Wednesday, Nov. 20, his company MicroStrategy announced that it had raised $2.6 billion of new debt through the issuance of so-called convertible bonds exclusively for institutional investors. With this fresh capital, MicroStrategy plans to invest further in Bitcoin.

With their "21/21 plan," the goal is to have as much as 42 billion dollars to invest in BTC. Currently, the company already owns 331,200 BTC, with a total value of $32 billion.

Currently, only about $2,200 to the historic limit of 100,000 euros. But when will it be breached? Given current market behavior, it could happen at any time, especially as Bitcoin ETFs continue to constantly buy new coins.

On Wednesday, major players such as BlackRock and Fidelity pulled together 8,390 BTC of the market. BlackRock alone now owns 474,627 BTC and in less than a year has become one of the largest Bitcoin holders in the world.

Caution?

Still, there is reason for vigilance. The crypto market seems overheated, with the Crypto Fear and Greed Index at 81 out of 100 points. This indicates extreme greed. Therefore, a possible correction cannot be ruled out.