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.
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.
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.
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’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.
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”
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.
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.
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.
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.”
The small Italian town of Fornelli is unveiling Italy’s first Satoshi Nakamoto monument on 1 May 2025, funded by the local government. The village, known for its high Bitcoin adoption, is positioning itself as a crypto-friendly destination.
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AnaisFamily offices are investing more in Ethereum than Bitcoin through crypto ETPs, showing stronger interest in Ethereum among smaller investors. Larger institutions still dominate Bitcoin ETPs, but Ethereum is attracting a broader and more diverse range of players.
WeatherlyGary Gensler criticised Trump’s tariffs as harmful to the U.S. economy and warned that trade tensions with China could worsen. He also said most cryptocurrencies, except Bitcoin, are risky and based on hype, not real value.
AnaisChina has seized large amounts of crypto from criminal cases and is using private firms to quietly sell them, despite its trading ban. Officials are now debating if the country should create formal rules—or even build a national reserve—to manage these assets.
AnaisThe US is looking at using tariff funds and gold revaluation to buy Bitcoin without raising taxes or debt. Plans include building a long-term Bitcoin reserve, while criticism grows over Trump’s personal crypto ties.
WeatherlySenator Elizabeth Warren has led a team of six senators to repeal Trump's decision to dissolve the National Cryptocurrency Enforcement Team (NCET).
XingChiRobert Kiyosaki predicts Donald Trump will secure future political success, while Kamala Harris shows support for cryptocurrency, marking a significant shift in the political landscape.
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Jasper
Coinlive I don't trust our leaders, the Fed, the Treasury, or the stock market. —Robert Kiyosaki
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