Bitcoin Makes History By Reaching Elusive $100K Mark
Bitcoin (BTC) has officially reached a historic milestone by hitting $100,000 for the first time on December 5, following a year of remarkable growth in the cryptocurrency market. This achievement comes just weeks after surpassing the $90,000 mark on November 12th.
Various Factors
The price of Bitcoin also peaked at a new all-time high of $103,679 shortly after breaking the $100,000 barrier. In 2024, Bitcoin experienced more than $31 billion in net inflows via spot Bitcoin exchange-traded funds in the United States, along with a tighter supply due to the fourth halving in April.
Factors contributing to the price surge include Donald Trump becoming U.S. President once again, rising speculation about a national Bitcoin reserve, and greater corporate adoption, especially by Michael Saylor.
Additionally, Trump recently nominating crypto supporter Paul Atkins to replace Gary Gensler as the SEC chair could ease regulatory challenges faced by the industry under the Biden administration. Trump also appointed Scott Bessent and Howard Lutnik to head the Treasury and Commerce departments, signaling a potentially more crypto-friendly cabinet.
More To Come
Since the beginning of 2024, Bitcoin has increased by a whopping 126%, which is a staggering increase of around $44,000 since January. This growth has helped the market capitalization of Bitcoin soar to $2 trillion for the first time.
However, this rally, while significant, is not its most extreme. In 2017, Bitcoin saw a 1,900% increase, rising to $20,000 in December even though it was only $1,000 in January of that year. It also surged 1,250% in March 2020, when the pandemic began, to $69,000 in November 2021.
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