Bitcoin Reaches New ATH Again At A Price Of 97,000 US Dollars Per Coin

The price of Bitcoin achieved a new ATH in 97k US dollars. (Photo; Doc. BusinessTech)

JAKARTA - Bitcoin prices rose again today, immediately setting a new record high of all time (ATH). The world's largest crypto asset by market cap jumped 6%, setting an all time high record at the level of 97,457 US dollars (around Rp1.54 billion) based on CoinMarketCap data.

With this upward trend, the price of Bitcoin is getting closer to its target at US$100,000 (approximately Rp1.58 billion). At the same time, Bitcoin's market dominance has also increased sharply, reaching more than 60.5%.

In the midst of the latest Bitcoin achievement, the ETH/BTC trading pair actually weakened, reaching their lowest point in the last three years. The decline in pair trading raises concerns that the altcoin season (altseason) the period when altcoin dominates the market may be delayed.

Causes Bitcoin Prices To Rise

Analysts note that the decline in ETH/BTC is a major sign of a market shift towards Bitcoin dominance. Today, the ETH/BTC pair have penetrated a lower-line trend, hitting their lowest level since March 2021. This indicates that altcoins like Ethereum are starting to lose traction as investors prefer Bitcoin as the main asset.

A crypto analyst, Bitcody, noted that there is a chance that the ETH/BTC pair will reach their lowest point in December. "Historical data supports this in 6 of the last 8 years, December has been a month of recovery for ETH/BTC. If this pattern repeats itself, ETH/BTC may soon find a foothold," he said.

Even so, he added that to start the altseason, Ethereum needs to show its strength significantly. The QCP Capital analysis institute revealed that Ethereum's participation was the main requirement to trigger the altcoin season. With the still weak ETH/BTC pair, the chance of altseason seems to be far away.

At the time of writing, Bitcoin is trading at the level of IDR 1.55 billion per coin based on CoinGecko data, Wednesday, November 21. In the last 24 hours, Bitcoin rose 4.5%.