Bitcoin, the leading cryptocurrency, hit a new all-time high of $106,533 at 00:39 UTC on the Bitstamp exchange.
The flagship cryptocurrency has since given up some gains, currently changing hands at $104,543.
So far, it is up 8.4% in November after jumping 37.32% in November and 10.95% in October. Overall, Bitcoin is up 65% during the fourth quarter of the year, with two weeks to go.
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According to David Lawant, head of research at FalconX, this breakout was different since sellers were already tired, with the put-put asymmetry gradually decreasing. “Those who monitor the BTC order book realized sooner than most that this most recent breakout was different from previous ones,” he said.
According to analytics firm Santiment, there was a further increase of 1,582 wallets holding at least 100 BTC after the ongoing rally began in October.
Bitcoin outperformed major altcoins with a 5.4% increase over the past week. For comparison, XRP and Solana (SOL) are down 3.1% and 4.8%, respectively, over the past week. Despite the underperformance of altcoins, the overall market capitalization of cryptocurrencies is still approaching $4 trillion.
Meanwhile, Peter Schiff, a financial commentator known for being constantly critical of Bitcoin, predicted that Bitcoin would likely rise before ultimately crashing. At the same time, he believes that MicroStrategy co-founder Michael Saylor was the main buyer. “This seems to be the trend, as has happened over the last five consecutive Mondays,” he noted.
Shares of MicroStrategy (MSTR) are up 8% in premarket trading.
