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The Bitcoin train is still rolling on strong as it hit $97.8k on Thursday and Bitcoin dominance hit above 60%, according to CoinMarketCap. 

The cryptocurrency topped out at $97,813 before dipping back down closer to $97k mark on Thursday morning, while its dominance rose to 60.6% for its highest mark since March. 

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The Bitcoin dominance is a metric used to measure the relative market share or dominance of Bitcoin in the overall cryptocurrency sector. It represents the percentage of Bitcoin's total market capitalization compared to the total market capitalization of all cryptocurrencies combined.

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While Bitcoin has surged since Donald Trump's US presidential victory at the beginning of November, there were some analysts who feared the cryptocurrency would top out or slide again, while others remain confident it will hit the landmark $100k before the end of the year. 

The signs are certainly there for a sustained dominance in the market, as it looks to become an established component in the macro economy. 

The options market for BlackRock's BTC spot ETF (IBIT) traded 73,000 contracts within the first hour on Tuesday, with a call-to-put ratio of 4.4:1. This activity places IBIT among the top 20 most active non-index options, highlighting growing institutional confidence in Bitcoin as a mainstream asset class, according to QCP Capital.

The strong market response is expected to attract new investors and enable diversified trading strategies, potentially reducing both volatility and downside risk. This could solidify Bitcoin’s position in mainstream financial markets. Other BTC spot ETFs like the Grayscale BTC Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) are expected to have options listed soon.

In a separate development, President-elect Trump’s Cabinet picks are drawing significant attention, particularly his selection of major crypto players. 

Elon Musk has been chosen to lead the newly created Department of Government Efficiency (DOGE), and Pete Hegseth has been nominated for Secretary of Defense. Hegseth, a strong advocate for Bitcoin’s decentralized value, has pledged to hold, not sell, his Bitcoin holdings.

With Republicans securing control of the Senate, most of Trump's nominees are anticipated to easily pass confirmation. Trump aims to finalize his Cabinet picks in the next week. 

These selections underscore the new administration's alignment with the growing influence of digital assets in both policy and finance.

The bullish sentiment around BlackRock's BTC spot ETF debut, combined with the administration’s crypto-friendly stance, indicates a pivotal moment for the integration of digital assets into mainstream markets and government policy. 

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