Bitcoin (BTC) Approaches $98,000 As Altcoins Lag

Bitcoin, the leading cryptocurrency by market cap, recently hit a new record high of $97,836, according to CoinGecko data.

The leading cryptocurrency is up nearly 6% over the past 24 hours, and its market cap is now approaching $2 trillion.

The latest rally comes after massive inflows recorded by Bitcoin ETF products on Wednesday. BlackRock’s IBIT alone recorded $626.5 million in fresh money. Fidelity’s FBTC also recorded $134 million in new inflows.

The odds of Bitcoin reaching the $100,000 level in November have now risen to as high as 81% on popular betting site Polymarket.

Bitcoin is already up about 40% in November after 20 days

However, major altcoins have failed to catch the bullish wave. Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB) and other high-profile alternative cryptocurrencies are actually in the red.

Ethereum (ETH), the flagship altcoin, is only up a mere 0.5% over the past 24 hours despite the impressive gains recorded by the leading cryptocurrency.

Meanwhile, the ETH/BTC pair has now fallen to its lowest level since March 2021.

Seam reported by U.Todayprominent trader John Bollinger recently described Ether’s underperformance as a worrying sign.

However, the underperformance of altcoins could be the next possibility, according to analyst Chris Burniske.

“Seen it happen repeatedly, with new reasons emerging each time as to why a rotation won’t happen again — and yet, just as the Earth spins, we will rotate,” he said.