In a historic moment for the cryptocurrency world, Bitcoin has finally breached the $100,000 mark.
This milestone, reached on 5th December 2024, signifies a notable triumph for Bitcoin enthusiasts and investors who have endured the market’s volatility over the years.
The cryptocurrency value surge past $100,000 followed Donald Trump’s election as President of the United States. Trump’s favorable stance on crypto and his commitment to deregulate the sector are believed to have enhanced investor confidence. The momentum was further increased by his decision to nominate Paul Atkins, a recognized proponent of cryptocurrency, as the new chairman of the Securities and Exchange Commission (SEC).
Since the creation of the first Bitcoin ETF there have been massive inflows invested in this asset helping to push Bitcoin ever higher.
Bitcoin’s ascent to $100,000 has been tumultuous. Beginning the year at approximately $38,505, the cryptocurrency has experienced an impressive 155% increase to date. The surge was especially notable in the fortnight after Trump’s victory, with Bitcoin’s value soaring by about 45%.
Bitcoin’s ascent has triggered a ripple effect throughout the wider cryptocurrency market, now valued at a combined $3.78 trillion. This upsurge has reinforced Bitcoin’s preeminence in the digital asset arena and garnered considerable interest from institutional investors.
Despite the festive atmosphere, some analysts warn that Bitcoin’s well-known volatility is still worrisome. Although numerous investors have realized significant profits, the asset’s high-risk profile may not be appropriate for all. Nevertheless, the prevailing mood within the cryptocurrency community is one of optimism, fueled by the expectation that the incoming administration will create a regulatory climate more conducive to digital assets.
Bitcoin’s record-breaking streak continues, signaling a bright future for the renowned cryptocurrency. Its evolution from a peer-to-peer electronic cash system to a trillion-dollar asset highlights the revolutionary impact of blockchain technology.