Bitcoin has made history by surpassing the $100,000 mark for the first time!
This milestone comes amid a significant bull run following the US presidential election, with President-elect Donald Trump promising a more crypto-friendly regulatory environment.
And so far keeping his word! His first power move was selecting crypto ally Paul Atkins as the Securities and Exchange Commission (SEC) Chair, overthrowing Gary Gensler.
Related: Donald Trump Picks Crypto Ally Paul Atkins As Next SEC Chair
Bitcoin’s Historic High #BTC100k
Bitcoin reached an all-time high of $103,900 late on Wednesday before slightly retreating to around $103,100. This marks a 7.62% increase in just 24 hours.
And we see the crypto community celebrating.
#Bitcoin has hit six digits, passing $100K for the first time! A historic win for the crypto community. pic.twitter.com/Xp58msSN0I
— Binance (@binance) December 5, 2024
Don’t miss the trending #btc100k on X today.
We did it 🚀$BTC 100K 🔥#btc100k pic.twitter.com/0Zwhx4Zz8y
— Aethir (@AethirCloud) December 5, 2024
Since the election on 5 November 2024, Bitcoin’s price has soared by over 36%, rising from approximately $75,600 to its current levels.
Furthermore, Ethereum, another major cryptocurrency, also benefited from Bitcoin’s momentum, climbing to $3,870, a 5.4% increase in the same period.
Explore: Where, When, and How to Buy Bitcoin in 2024? A Beginner’s Guide
Driving Forces Behind BTC Surge
The recent surge in Bitcoin’s price can be attributed to several factors. Trump’s announcement to appoint Paul Atkins, a known cryptocurrency advocate, as the chair of the SEC, is seen as a positive move by the crypto community.
Moreover, Trump pledged to transform the US into the “crypto capital of the planet.” He also proposed creating a national reserve of Bitcoin. His administration is expected to reduce regulatory scrutiny on cryptocurrencies, which has been welcomed by industry players.
The launch of Bitcoin exchange-traded funds (ETFs) earlier this year by major financial institutions like BlackRock and Fidelity has significantly increased institutional interest in Bitcoin. These ETFs have allowed a broader range of investors to gain exposure to Bitcoin without directly purchasing it.
And now, the psychological milestone of $100,000 is attracting new investors! Market sentiment is bolstered.
This rally is also solidifying Bitcoin’s status as not only a leading financial innovation but also a hedge against traditional economic uncertainties. There has been a noticeable increase in trading volumes on major exchanges as both retail and institutional investors seek to capitalize on the current market conditions.
Related: Reserve Rights Token (RSR) Soars +160% On Paul Atkins News
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