Bitcoin To Cross $100K with Stablecoin’s Largest Monthly Inflow

Bitcoin to Reach $100K amid Record $9.7B Stablecoin Inflows

Bitcoin: All Eyes on BTC as it Nears to Cross $100,000

Stablecoin(s), one of the many types of cryptocurrencies, is bringing huge inflows to the crypto exchanges. It has reached a monthly high of $9.7 billion, clearly indicating a record high for the virtual currency that bridges gaps between the traditional financial system and the crypto market. This development is making news in the market, as it may push world’s first cryptocurrency, Bitcoin, to its own all-time high of $100,000.

$100K Milestone for Bitcoin within the Month

Stablecoins’ largest monthly inflow ever is heightening investor interest in the market. As a result, it’s being speculated that Bitcoin could achieve the $100k feat before the end of the month of November. If this happens, November, 2024 would become the most bullish month for BTC returns in the history of Bitcoin.

The Role of Stablecoin

Stablecoins are used to provide an alternate investment option to the investors, who fear the high volatility of the popular cryptocurrencies, including BTC. Their values are pegged to the other assets (fiat currency or gold) to allow stable price valuation. This makes everyday transactions more feasible. Now that the currency is growing significantly, it is increasing liquidity in the crypto market and is encouraging investors to make more and more purchases.

$100K: Is that all for Bitcoin?

With speculations rising about BTC’s expected $100,000 feat, there are some who are expecting even more. Past stats show how BTC recovered by over 21% from $49,500 to $60,200 within days under the influence of Tether’s $1.3 billion minting. This example is leading investors to expect BTC to cross even the $100k mark, as stablecoin inflows can significantly impact the price of this cryptocurrency. Some analysts are projecting a 14.7% price rise and considering the feat very much possible and realistic.

Bitcoin ETFs Further Supporting the Price Appreciation

Besides stablecoin inflows, spot BTC exchange-traded fund inflows are also an additional support. As an example, November 20 proved to be a third green day in a row as the US Bitcoin ETFs managed to create $773 million worth of cumulative net positive inflows.