Bitcoin registers new all-time high inches away from $94,000

Bitcoin (BTC) reached a new all-time precocious of $93,970.91 connected Nov. 19, astir $500 supra its erstwhile terms highest little than a week ago. BTC roseate 3% implicit the past 24 hours.

According to CryptoSlate data, Solana (SOL) intimately followed Bitcoin’s performance, with a 2.7% terms increase, reaching $244 astatine the clip of publication.

Meanwhile, Ethereum (ETH) stood inactive with a 0.1% drawdown successful the aforesaid period, priced astatine $3,128.78. Notably, ETH has accumulated a antagonistic 5% show implicit the past 7 days, contempt its spot exchange-traded funds (ETF) nett flows becoming affirmative recently.

Bitcoin correlations

Ki Young Ju, laminitis and CEO of CryptoQuant, highlighted that ETH reached a three-year debased correlation with BTC, arsenic the pair’s Pearson correlation coefficient reached 0.3 points. He added:

“Just due to the fact that BTC is beardown doesn’t mean you should bargain ETH. Each plus is present pursuing its ain path.”

The Pearson Correlation Coefficient tracks the narration betwixt 2 variables, ranging from -1 to 1. The person the narration gets to 1 point, the much positively correlated the variables are.

On the different hand, Dogecoin (DOGE) maintains its bullish momentum, rising 10.7% regular to $0.408, its highest terms since aboriginal June 2021. According to DefiLlama, DOGE’s correlation with BTC has been 0.99 implicit the past month.

Adding to the momentum

The caller terms highest comes amid boosted optimism pursuing the commencement of options trading connected BlackRock’s spot Bitcoin exchange-traded money (ETF), the iShares Bitcoin Trust ETF (IBIT).

Bloomberg elder ETF expert Eric Balchunas pointed retired that the ratio betwixt calls and puts connected IBIT’s options closed astatine 0.17. This ratio means overmuch much involvement successful calls than puts, which is simply a bullish setup.

He added:

“For context, this ratio for $SPY is 1.1 and $TSLA is .59 portion $TLT is .79.”

In the archetypal hours of trading, IBIT’s options registered implicit $446 cardinal successful volume, which Balchunas called “a ton” for an opening trading day.

The station Bitcoin registers caller all-time precocious inches distant from $94,000 appeared archetypal connected CryptoSlate.