Bitcoin’s value has surged to an unprecedented $100,000, a historic moment for the digital currency world, capping off a year of substantial expansion.
On December 5th, Bitcoin (BTC) eclipsed the $100,000 threshold. This significant psychological barrier was broken just weeks after achieving the $90,000 milestone on November 12th, according to data from TradingView.
Shortly after passing $100,000, Bitcoin established a fresh all-time peak of $104,000 at 3:08 am UTC – about an hour and a half later.
This year witnessed over $31 billion flowing into U.S. spot Bitcoin exchange-traded funds. The supply of Bitcoin was further constrained by Bitcoin’s fourth halving event in April.
Trump’s Election Boosted Bitcoin’s Rise Past $100,000
Donald Trump’s presidential victory in the United States in early November, fueled speculation regarding a potential strategic Bitcoin national reserve, and growing Bitcoin adoption by corporations led by Michael Saylor’s MicroStrategy. These developments played a significant role in Bitcoin’s impressive price surge.
Adding to the momentum, Trump nominated crypto advocate Paul Atkins to succeed Gary Gensler as chair of the Securities and Exchange Commission on December 4th. This move could potentially alleviate regulatory obstacles that have hindered the crypto industry under the previous administration.
Bitcoin price chart in the past year. Source: CoinGecko
Trump’s selections of hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick to lead the Treasury and Commerce departments, respectively, indicate a potentially highly favorable stance toward cryptocurrency within the new administration.
Bitcoin Rises 126% Since January
Since the beginning of the year, Bitcoin has seen a substantial increase of 126% in its value, climbing from around $44,000 on January 1st.
Reaching the $100,000 valuation, Bitcoin’s overall market capitalization has simultaneously attained a record high, exceeding $2 trillion for the first time.
Related: $100K Bitcoin? Insights from 9 Analysts on End-of-Year BTC Price Forecasts
While Bitcoin’s growth in 2024 is remarkable, past rallies have demonstrated even more rapid ascents. In 2017, the price of Bitcoin surged dramatically by 1,900%, moving from $1,000 in January to $20,000 by December.
Additionally, it experienced a 1,250% climb from $5,100 when the COVID-19 pandemic was declared in March 2020, reaching $69,000 in November 2021.
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