Bitcoin reached a major milestone, surpassing $100,000 for the first time and reaching a record high of $103,844 before pulling back slightly.
FED Chairman Jerome Powell also stated at the New York Times Dealbook Summit that Bitcoin competes with gold rather than the US dollar.
Anthony Georgiades, founder and general partner at Innovating Capital, noted the growing role of institutions in Bitcoin’s price action. He pointed to significant inflows into Bitcoin and Ethereum ETFs, which have brought nearly $8 billion to the market in November alone. He added that while institutional activity is driving the current momentum, individual investors could soon shift their focus to altcoins, setting the stage for a broader market rally.
Georgiades also noted the enduring appeal of memecoins like Dogecoin, especially for new cryptocurrency users. While acknowledging their speculative nature, he noted that memecoins often serve as an accessible entry point for individuals exploring the crypto space. Despite the risks, they continue to generate engagement and expand the crypto community.
The analyst remains optimistic about Bitcoin’s medium- to long-term outlook, pointing to the need for regulatory clarity and institutional adoption to maintain momentum. He cited recent ETF approvals and ongoing regulatory changes as critical steps toward a more mature market.
*This is not investment advice.
