Bitcoin hit $95,000 for the first time ever, following reports of a cryptocurrency-focused role in the incoming Donald Trump administration.

What Happened: The leading cryptocurrency briefly surpassed the never-seen-before level overnight on Wednesday before rebounding.

With the latest uptick, Bitcoin’s weekly gains jumped to nearly 5%, while its market dominance reached 60%. Its returns for November have shot past 33% already, against the historical average of 45%. 

On the contrary, Ethereum, the second-largest cryptocurrency by market capitalization, slid below $3,100. It was down over 3.5% over the week.

Bitcoin’s rally followed reports of a dedicated cryptocurrency role in Trump’s administration that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC.

Nearly $350 million in leveraged positions were liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $241 million.

Bitcoin’s Open Interest (OI) surged 6.52% in the last 24 hours, implying heightened speculative interest among derivatives traders.

Most of the new bets favored Bitcoin’s price increase as the number of long positions increased vis-à-vis shorts, according to the Long/Shorts Ratio.

Market sentiment remained in the “Extreme Greed” zone, as per the Cryptocurrency Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.12 trillion, following an increase of 1.32% in the last 24 hours.

Stocks traded mixed on Wednesday. The S&P 500 ended the session flat, while the tech-heavy Nasdaq Composite slid 0.11% to close at 18,966.14. The Dow Jones Industrial Average

The Nasdaq Composite lifted 195.66 points, or 1.04%, to end at 18,987.47. The S&P 500 added 0.40% to close at 5,916.98. Meanwhile, the Dow Jones Industrial Average was the outlier, surging 139.53 points, or 0.32%, to end at 43,408.47.

Nvidia Corp. NVDA shares finished 0.76% lower ahead of third-quarter earnings, which eventually turned out to be better than expected.

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Analyst Notes: Noted cryptocurrency analyst Ali Martinez drew a parallel with Bitcoin’s Dec. 2020 trajectory, observing a “nearly identical” Relative Strength Index (RSI).

“If true, BTC will go to $108,000, drop to $99,000, and bounce to $135,000,” Martinez added.