Bitcoin surpassed the $100,000 mark late Wednesday night, setting a new all-time high during a persistent rally.
The leading cryptocurrency by market cap increased by nearly 6% in the last 24 hours, trading at $101,400 at the time of reporting, as per The Block’s price page. It has risen more than 47% in the past month and over 67% since early October, when it was valued at around $60,000.
The surge in Bitcoin’s value started well before the election, fueled by growing demand for digital assets as both inflation hedges and long-term investment opportunities. Additionally, Trump’s victory last month positively influenced the market, with analysts anticipating that his administration would provide clearer regulations for cryptocurrencies.
Institutional and corporate interest continues to play a pivotal role in bitcoin’s price momentum. In November, MicroStrategy, the largest publicly traded corporate holder of bitcoin, announced it had acquired another 15,400 bitcoin for $1.5 billion.
The company plans to use the proceeds to acquire additional bitcoin, further solidifying its role as a major player in institutional adoption of the digital asset. MicroStrategy already holds 402,100 BTC, valued at about $40.5 billion.
Several corporate treasuries are following the likes of MicroStrategy by adding bitcoin to their reserves, with Acurx Pharmaceuticals, a Nasdaq-listed biopharmaceutical company, which recently announced that the company's board approved the purchase of up to $1 million in bitcoin to hold as a treasury reserve asset. CEO David P. Luci described the move as a strategic decision to leverage bitcoin’s store-of-value characteristics.
"As demand for bitcoin grows, and so does its acceptance as a major and primary asset class, we believe that bitcoin will serve as a strong treasury reserve asset for cash not needed over the next 12 to 18 months," Luci said in a statement. "Its limited supply and inflation-resistant characteristics provide a functional store of value, this new treasury strategy is a finance strategy and has no impact on our overarching drug development plans."
Spot exchange-traded fund inflows in the US have been another catalyst for helping the cryptocurrency push the coin over the $100,000 milestone. According to Glassnode data, November set a new record for spot bitcoin ETFs. Bitcoin ETFs saw inflows totaling $6.1 billion over the past month, with $5.4 billion inflows into BlackRock's IBIT fund.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
