Bitcoin Hits Record High of $99,300
On the morning of November 22, Bitcoin (BTC) soared to a new all-time high (ATH), peaking at $99,300.
The flagship cryptocurrency continues its upward momentum, trading near $99,000 at the time of writing – a mere 1% shy of breaking into six-digit territory. Over the past 24 hours, Bitcoin has gained 2.1%, according to data from CoinMarketCap.
Market Overview
Bitcoin Market Cap: $1.958 trillion, nearing the valuation of tech giant Google.
Fear & Greed Index: At a staggering 94, signaling "extreme greed" among market participants.
The rally is bolstered by substantial inflows into Bitcoin Exchange-Traded Funds (ETFs), with $1 billion injected on November 21 alone.
Insights from CryptoQuant: Signs of a Local Peak?
Analysts at CryptoQuant have highlighted five indicators to watch for signs of a potential market top. Here’s a summary of the key metrics:
MVRV Ratio. Currently it is well below the critical 3.7 threshold that often signals overheated markets. During the February 2021 rally, this ratio soared to 7 as Bitcoin approached $60,000.
Fear & Greed Index. Levels exceeding 80 are often seen near market peaks. The index hit 94 today, the highest since early 2021.
Realized Cap. Tracks the influx of new money. Current levels suggest sustained interest, reinforcing Bitcoin’s bullish phase.
Coin Days Destroyed (CDD). Indicates hodler activity. While current levels of 15.1 million are near a cautionary zone (15–20 million), they remain stable for now.
Inter-Exchange Flow Pulse (IFP). Monitors Bitcoin movements to and from exchanges. The metric sits around 730,000, signaling a continued bullish structure.
Outlook
While Bitcoin nears a historic milestone, analysts remain cautious about potential market corrections. With the Fear & Greed Index at extreme levels and other indicators nearing critical thresholds, the market could face increased volatility.
For now, Bitcoin’s rally has solidified its position as a market leader, capturing global attention as it inches closer to the highly anticipated six-figure mark.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
