Bitcoin (BTC) price has surged past the highly anticipated $100,000 level, reaching an all-time high of $103,900 on December 5.
In a landmark moment for the crypto community, Bitcoin BTC $97 628 24h volatility: 5.5% Market cap: $1.93 T Vol. 24h: $169.72 B price has surged past the highly anticipated $100,000 level, reaching an all-time high of $103,900 on December 5. At the time of writing, Bitcoin is trading at $102,530, reflecting a 6.2% gain over the past 24 hours.
This historic rally has been accompanied by a surge in 24-hour trading volume, now up by 70% to $117.5 billion. With the crypto fear and greed index registering an “extreme greed” level of 84, investor enthusiasm also appears to be at the top.
On Thursday, Bitcoin’s market capitalization also experienced a sharp boost, crossing the $2 trillion mark, a major milestone in its journey as the world’s leading cryptocurrency. This surge comes on the heels of April’s halving event, which halved miners’ rewards and set the stage for increased scarcity and bullish momentum.
2024 has seen several significant political and institutional developments for Bitcoin (BTC). After winning the presidential elections in November, Donald Trump has now nominated Paul Atkins, a known crypto advocate, to chair the SEC. Atkins’ potential replacement of Gary Gensler signals a departure from regulatory roadblocks, which many believe have stifled the cryptocurrency market under the current administration.
Additionally, Trump’s appointments of hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick to key financial roles are being viewed as a game changer toward shaping a crypto-friendly administration in the US.
Institutional interest in Bitcoin has also reached unprecedented levels in 2024, driven largely by the SEC’s approval of spot Bitcoin ETFs earlier in the year. Since their launch, these funds have recorded $32.29 billion in net inflows. As per the data by SoSoValue, spot Bitcoin ETFs recorded a cumulative net inflow of $556.82 million on December 4.
On the trading front, Bitcoin’s price movements continue to show a correlation with the S&P 500, sparking debates about its classification as a “high-leveraged tech stock”. However, analysts at Santiment have stated that a decoupling of Bitcoin from equities would signal even greater bullish momentum for the cryptocurrency. “Historically, crypto has flourished when there is little to no reliance on world stock markets,” they explained on X.
While Bitcoin’s dominance has taken center stage, altcoins like Ether, XRP, BNB, and Solana are gradually catching up. Ether has shown particularly strong performance, registering a 4.3% gain in the last 24 hours. The altcoin market briefly faltered as traders redirected funds into Bitcoin to capitalize on the $100K milestone.
With Bitcoin up 150% year-over-year, bullish investors are now setting their sights on a new target of $150,000.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
