Bitcoin (BTC) is once again approaching $100,000 on Friday, a week after its first attempt, as cryptocurrency prices surge with the return of U.S. traders after Thanksgiving.
The Coindesk Bitcoin Index rose to an early session high of $98,690 in US time, up 3.3% over the past 24 hours. During the same period, the general market CoinDesk 20 index surged 6.2%, showing that altcoins led the rise. XRP, ADA, RENDER, and HBAR recorded double-digit gains for the day.
Traditional U.S. markets have shortened sessions today after Thursday’s holiday closure. U.S.-listed Bitcoin mining companies, which do not always rise just because the price of Bitcoin rises, are showing even higher gains, such as Bitdeer (BTDR) rising 15% to exceed $14 and reach a new all-time high. Major miners including MARA Holdings (MARA) and Riot Platforms (RIOT) were all up 5%-10% during the first hour of the session. Crypto stocks Coinbase (COIN), MicroStrategy (MSTR), and Semler Scientific (SMLR) lagged miners.
Bitcoin futures on the Chicago Mercantile Exchange (CME) briefly crossed the $100,000 level during the day before falling slightly, according to TradingView data. This is the second time the milestone has been achieved after the first was achieved last Friday.
The futures price premium over the spot market suggests strong institutional participation, with open interest in Bitcoin CME futures reaching record highs.
The Coinbase Price Premium, which measures the spot price of BTC on Coinbase compared to overseas exchange Binance, also rebounded into positive territory after Bitcoin fell below $91,000 earlier this week. The Coinbase premium highlights that this rally is primarily driven by US market participants.
“Judging by order size, Coinbase whales are leading this Bitcoin rally,” CryptoQuant CEO Joo Ki-young said in an X post.