Bitcoin Rockets Passed $100K, Hits New Milestone
Bitcoin has rocketed past the critical $100,000 mark, achieving a major psychological milestone for traders and investors alike.
The cryptocurrency has soared over 47% in the last month and more than 67% since early October when it was valued around $60,000.
#Bitcoin has hit six digits, passing $100K for the first time! A historic win for the crypto community. pic.twitter.com/Xp58msSN0I
— Binance (@binance) December 5, 2024
This impressive rally began well before the election, driven by increasing demand for digital assets as inflation hedges and long-term investments.
Trump's victory further boosted market sentiment, with analysts expecting clearer regulations under his administration.
Institutional interest continues to be a key factor, with MicroStrategy, the largest corporate holder of Bitcoin, purchasing an additional 15,400 BTC for $1.5 billion in November.
CEO David P. Luci called it a strategic bet on Bitcoin's store-of-value qualities:
"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. 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."
CEO Michael Saylor celebrated the move and called for a $100K party.
There is going to be a 100K Party. 🚀https://t.co/Vo52KQZRe5
— Michael Saylor⚡️ (@saylor) December 5, 2024
The price surge also coincided with Trump's announcement of Paul Atkins, a vocal crypto advocate, as SEC chair.
This appointment, along with Trump's crypto-friendly administration, has further fuelled optimism in the market.
Additionally, prominent figures such as Scott Bessent, Trump's nominee for Treasury Secretary, and Howard Lutnik, appointed to head the Commerce Department, have expressed strong support for Bitcoin.
🚨BREAKING: President Trump has selected CEO and Founder of Key Square Capital Management, Scott Bessent, to lead the Treasury Department.
A phenomenal pick. Expect the markets to react favorably. pic.twitter.com/dHBv5vASZX
— Charlie Kirk (@charliekirk11) November 22, 2024
The rally is also being propelled by institutional buying, including significant inflows into BlackRock's Bitcoin ETF (IBIT).
Meanwhile, Bitcoin's growing acceptance is reflected globally, with Russian President Vladimir Putin voicing strong support for digital assets, declaring that Bitcoin's development is unstoppable.
Bitcoin Market Value Hits $2 Trillion
Bitcoin’s market value has now surpassed $2 trillion, solidifying its position as one of the largest investment assets globally.
This milestone places Bitcoin above most public companies, only trailing giants like Nvidia, Apple, and Alphabet (Google's parent company).
Its valuation now exceeds the size of government bond markets in major economies such as Spain and Brazil.
BREAKING: #Bitcoin officially hits $2 TRILLION in market cap for the first time in history.
This comes just 5 minutes after Bitcoin crossed the historic $100,000 level.
Bitcoin is now the 7th most valuable asset in the world. pic.twitter.com/x427zNKQh6
— The Kobeissi Letter (@KobeissiLetter) December 5, 2024
Additionally, Bitcoin is approaching the total market capitalisation of the FTSE 100, which represents the largest companies in the UK.
Fadi Aboualfa, head of research at Copper Technologies Ltd, suggests that Bitcoin's ascent to $100,000 marks the start of the next phase of its bull run, one that seems increasingly resistant to all but external shocks.
Bitcoin is number 7 on the "Top Assets by Market Cap”
Crypto Market Today
Bitcoin (BTC) has reached a historic milestone, surpassing $100K for the first time, with its price currently at $101,958.25, marking a 5.46% increase in the past 24 hours.
This surge comes amidst mixed performance across other major cryptocurrencies.
Ethereum (ETH) rose 6%, trading at $3,860.80, reflecting a 4.64% increase, while Binance Coin (BNB), XRP, and Solana (SOL) saw declines of 2-6%.
Federal Reserve Chair Jerome Powell's recent comparison of Bitcoin to gold has fuelled bullish sentiment, as he highlighted their similarities in contrast to the US Dollar.
BREAKING: U.S. FEDERAL RESERVE CHAIR JEROME POWELL SAYS $BTC IS "JUST LIKE GOLD ONLY IT'S VIRTUAL, IT'S DIGITAL... IT'S REALLY A COMPETITOR FOR GOLD"
pic.twitter.com/Bqa2BiWucA
— DEGEN NEWS (@DegenerateNews) December 4, 2024
Meanwhile, Bitcoin's recent consolidation has given altcoins like Ethereum the chance to perform, with Ethereum's resilience—especially during an 8% dip in Bitcoin's price—solidifying its role as a key player in this ongoing bull market.
XRP, however, faced a 10.26% drop, trading at $2.34.
Bitcoin's Promising 2025?
The surpassing of the $100,000 mark in 2024 represents a defining moment for the cryptocurrency market, signalling heightened institutional adoption, bolstered investor confidence, and the introduction of strategic Bitcoin reserve legislation.
Bitcoin's rise past this critical threshold cements its place in the global financial landscape, reflecting its growing legitimacy among both institutional investors and individual holders.
As Bitcoin's price continues its ascent, speculative predictions have surged, with some analysts boldly forecasting its future trajectory.
On 22 October, Bernstein, a prominent institutional market researcher, predicted Bitcoin could reach $200,000 by the end of 2025, heralding the start of a "new institutional era" for crypto markets.
Legendary Research Broker Bernstein Has Just Published One of its Famed "Black Books" on #Bitcoin!
160 Pages Explaining Why BTC Will Hit $200k by the end of 2025 and How Listed #Bitcoin Miners Will Continue to Consolidate the Industry. @gautamchhugani 👏 pic.twitter.com/lDnAvWeYIe
— matthew sigel, recovering CFA (@matthew_sigel) October 23, 2024
Similarly, Geoff Kendrick, global head of digital assets research at Standard Chartered, echoed this sentiment, maintaining the $200,000 target since January 2024, even before ETF approvals.
Both forecasts are largely driven by expectations of a major influx of institutional investors.
While the future price remains uncertain, one thing is clear: Bitcoin has solidified its status as one of the world's most valuable hard assets, surpassing silver and now eyeing gold.
Joe Flanagan, co-founder of Maple Finance, noted:
“Bitcoin surpassing $100,000 can be traced back to several factors building up over the last few weeks. Notably, Trump winning the election and choosing a pro-crypto SEC chair has brought a lot of positive momentum to the industry as we usher in a new era of innovative crypto laws, on top of lawmakers and industry leaders working together. This era is not one where the industry is only recovering but entering a phase of growth and evolution. What we’re likely to see now is an exciting 2025 as a pro-crypto administration takes office and the industry becomes excited to build new projects again.”
