Bitcoin finally crossed $100,000 in early December 5 2024 reaching an important milestone as the world’s largest cryptocurrency continued its rally, sparked by the election of former President, Donald Trump.
According to CoinGecko, Bitcoin surpassed $100,000 mark shortly after 2:45 am GMT. At the start of the year [2024], it was trading at just over $44,000 but has since risen by more than 120% and more than 50% since the U.S. election on November 5 2024.
Donald Trump’s victory in the race for the U.S. presidency was the key catalyst. He has said that crypto is essential to his vision of America in the future and pledged to ensure that the U.S. government never sells off its Bitcoin holdings and creates a Bitcoin ‘strategic reserve’.
MILESTONE | ‘We Do not Approve Nor Endorse Bitcoin,’ Says United States SEC as it Approves 11 Spot #Bitcoin ETFs
This development represents a historic milestone in the integration of Bitcoin into traditional financial markets.
Below are the 11 approved products.… pic.twitter.com/Zn41cG9Ji0
— BitKE (@BitcoinKE) January 11, 2024
His other pledge to fire Securities Exchange Commission Chairman, Gary Gensler, was roundly celebrated by the crypto community. According to AFP, the U.S President-elect has revealed he intends to nominate cryptocurrency advocate, Paul Atkins, to chair the commission.
“He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World.
He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump wrote on Truth Social.
The post-election optimism sparked record inflows into U.S Exchange Traded Funds (ETF) which received over $6.5 billion in November 2024 alone surpassing the $6 billion record achieved in February 2024.
MILESTONE | #Bitcoin ETFs Set a New Monthly Inflows Record in November 2024 – Now Account for Almost 6% of Total BTC Supply
The new record surpasses the February 2024 record.
Currently, all Bitcoin ETFs now hold around 1.128 million BTC.https://t.co/OYdtVhHF1U pic.twitter.com/AhL6P5YQpG
— BitKE (@BitcoinKE) December 2, 2024
Bitcoin ETFs, approved begrudgingly by Gensler’s SEC in January 2024, represented another key catalyst driving the cryptocurrency’s momentum for much of the year [2024]. This was followed by the approval of Ethereum ETFs in May 2024.
MILESTONE | ‘We Do not Approve Nor Endorse Bitcoin,’ Says United States SEC as it Approves 11 Spot #Bitcoin ETFs
This development represents a historic milestone in the integration of Bitcoin into traditional financial markets.
Below are the 11 approved products.… pic.twitter.com/Zn41cG9Ji0
— BitKE (@BitcoinKE) January 11, 2024
Trump’s presidential win is seen as a greenlight for more than half a dozen proposed crypto ETFs waiting on regulatory approval to list in the U.S.
The rest of the cryptocurrencies are also gaining value significantly.
Ethereum, the second-largest cryptocurrency, has risen by 27% since the election, while
DogeCoin closely associated with Trump allyc Elon Musk, has skyrocketed by approximately 140%, and
Litecoin has surged by 35%.
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