Bitcoin has rallied 126% since January to reach $100,000, driven by Bitcoin ETF demand, April’s halving and Donald Trump’s US election win
The price of Bitcoin reached $100,000 for the first time in history, marking a milestone for the cryptocurrency market after a year of significant growth.
Bitcoin hit the $100,000 price mark on Dec. 5, breaking a psychological level just weeks after reaching the $90,000 milestone on Nov. 12, according to TradingView.
Bitcoin also set a new all-time high of $104,000 at 3:08am UTC — roughly 90 minutes after surpassing the $100,000 mark.
The year has seen more than $31 billion in net inflows from the spot Bitcoin exchange-traded funds in the United States, along with tightened supply from Bitcoin’s fourth halving in April.
Republican Donald Trump’s US presidential election victory, growing speculation of a strategic Bitcoin national reserve, and increased Bitcoin corporate adoption led by MicroStrategy’s Michael Saylor have also contributed to Bitcoin’s price rally.
It also comes as Trump recently nominated crypto advocate Paul Atkins to replace Gary Gensler as the Securities and Exchange Commission’s chair, which could remove several regulatory hurdles that have hamstrung the broader industry under the Biden administration.
Trump also picked hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnik to head the Secretary of Treasury and Commerce departments, respectively, shaping up what could be the most pro-crypto cabinet to date.
Bitcoin is up 126% since January
Bitcoin has seen a 126% increase in value since Jan. 1, when it was trading at about $44,000.
In reaching $100,000, Bitcoin’s market capitalization has also reached a new high, hitting $2 trillion for the first time ever.
Bitcoin’s 2024 rally is not its most meteoric bull action ever. In 2017, Bitcoin saw its price skyrocket by 1,900% from $1,000 in January to $20,000 in December.
It then rose 1,250% from $5,100 when COVID-19 was declared a pandemic in March 2020 to $69,000 in November 2021.
Source: Cointelegraph
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