Bitcoin sets new ATH at $106,300, Ethereum hits $4,000, market capitalization hits peak

Bitcoin closes its highest candle in history at $106,300, Ethereum hits $4,000 again, the entire market sets a new capitalization record.

On the morning of December 16, 2024 (Vietnam time), the crypto community celebrated as Bitcoin continued to soar, breaking the old peak and setting a new ATH at $106,300.

This is also the highest weekly candle closing in the history of the king coin.

Responding to the growth momentum of its big brother, Ethereum also touched the $4,000 mark that we only saw in March this year. However, ETH price quickly dropped to around $3,940 at the time of writing.

The total market capitalization also hit an ATH of $3.8 trillion, which has been steadily increasing in recent months.

The reason for the continued increase in BTC prices is thanks to Bitcoin and Ethereum ETFs extending their continuous inflow achievements in December.

At the end of the second trading week of the month, US Bitcoin ETFs achieved a total inflow of $2.167 billion, bringing the total assets owned to more than 1.12 million BTC after nearly 1 year of operation.

Currently, 11 US Bitcoin ETFs have had their 12th consecutive trading session with positive inflow, lasting from November 27 to present, with a total purchase value during this period of $5.3 billion.

This is the third-longest buying streak in ETF history, behind only the 19-day net inflow from mid-May to early June and the 17-day stretch from late January to mid-February.

In addition, last week also saw continued institutional buying, with MicroStrategy buying another $2.1 billion in Bitcoin, while MARA added another $1.1 billion to its ever-expanding BTC fund, and Riot also bought $510 million.

In addition, billionaire Michael Saylor hinted last night that MicroStrategy was about to make another Bitcoin purchase, likely early this week.

Bitcoin has also been constantly mentioned on social media with encouraging statements from new US President Donald Trump, who predicted that BTC would hit $150,000 early in his term, as well as reaffirming his commitment to establishing a BTC reserve fund for the US.

In addition, many famous billionaires such as Ray Dalio and Thomas Peterffy also praised the investment potential of BTC, while the list of governments wanting to establish a BTC fund now includes the US state of Texas and the Canadian city of Vancouver.

The Ethereum ETF is even performing better than Bitcoin when it has had 15 consecutive sessions of inflow, with a total inflow last week of 855 million USD, breaking the new inflow record set 7 days ago.

With all these bullish reasons, it is difficult for the price to go down!

However, this does not mean that other Altcoins benefit. Because Bitcoin Dominance (BTC.D) has increased by 57.38%, it has not been able to "open the valve" for money to flow into Altcoin.

As in the analysis, BTC.D will have a recovery to around 57% - 58%, then increase slightly for one or two more beats before continuing to decrease according to the previous trend. So we can continue to hold altcoins firmly.

According to CoinGlass, in the past 24 hours, there were $330 million worth of liquidations, of which 58% were short orders.