Bitcoin has finally shattered the $100,000 price barrier, setting a new all-time high of $104,698.80. This milestone has been long awaited by investors and analysts alike.
The surge in Bitcoin’s price also pushed the cryptocurrency market capitalization beyond $2 trillion, reaching $2.03 trillion at the time of writing. Trading volumes soared by 33%, hitting $91 billion, while market sentiment remained overwhelmingly bullish at 80%.
Bitcoin’s rally toward $100,000 began in early November, around the time of the U.S. election. On election day, November 5, Bitcoin was priced at $68,682.
Trump, widely regarded as crypto-friendly, fueled the November bull run, with Bitcoin surpassing $73,737 shortly after the elections. Throughout the month, Bitcoin hovered near the $100,000 mark, peaking at $99,000 but failing to crossover. Concerns arose when prices retraced to $90,000, raising fears of a deeper decline.
However, recent developments provided the momentum needed to break past $100,000.
Bitcoin’s surge followed the nomination of Paul Atkins, a pro-crypto advocate, as the new Chairman of the Securities and Exchange Commission (SEC) by Donald Trump. This move boosted investor confidence in the cryptocurrency market.
Adding further credibility, Federal Reserve Chairman Jerome Powell acknowledged Bitcoin as a viable rival to gold. These announcements helped drive the asset’s price above $100,000.
Bitcoin’s record-breaking achievement has sparked fresh price predictions. Analysts are now speculating on where the asset might head next:
- Bernstein Research predicts Bitcoin will hit $200,000 by 2025, citing increasing institutional demand.
- Charles Hoskinson, Cardano’s founder, is even more optimistic, projecting Bitcoin could reach $250,000 within two years.
Bitcoin’s rise to $100,000 cements its status as a significant player in the financial world. With increasing adoption, institutional backing, and favorable regulatory developments, the cryptocurrency appears poised for even greater heights.
