Bitcoin has surpassed its record mark and is set to continue
Credit:Shutterstock:Benny Marty
Bitcoin has reached a historic milestone, surpassing $100,000 per coin and a $2 trillion market capitalization, defying expectations with its rapid ascent.
For bitcoin investors all over the world, today marks a landmark victory for the cryptocurrency. Bitcoin has made cryptocurrency history exceeding the level of $100,000 and $2 trillion capitalization that was forecast to happen – but not as quickly. In the last 24 hours, advances of more than five per cent see the price of the largest cryptocurrency on the market soar to record breaking heights reaching a price of $101,500.
Donald Trump’s US election was a catalyst to surge in bitcoin price
Politics has always dominated money and vice versa. And with the recent surge in bitcoin’s price, this is no different. The price of the main cryptocurrency has surpassed the famous reference of $100,000 and is trading above $102,300 – a landmark victory no less. Add this to its market capitalization which also breaks another round limit of $2 trillion and it looks like 2024 could be the year for crypto assets. Donald Trump’s election in the US of course was behind a lot of this. The leader who also backs Elon Musk with his very own Dogecoin cryptocurrency, took bitcoin by the horns during weeks of his election campaign. He promised to create a strategic reserve of cryptocurrencies in the US. This is yet to be seen and was only mentioned last summer in an event about cryptocurrencies – it wasn’t part of his official elecotoral programme.
Either way, Trump spurred trust in bitcoin and as a consequence, its price has skyrocketed from $69,373 on November 5 to $102,354 currently. This represents a rise of nearly 50 per cent in one month. Referring back to politics, another top dog had a stake in the impressive price hike. Paul Atkins, Trump’s newly-elected chairman of the Securities and Exchange Commission (SEC) has also been a boost for bitcoin.
Green numbers dominate in crypto trends not only for bitcoin but also with regards to other cryptocurrencies. Ethereum has soared by over 7.5 per cent, while XRP rose by over 62 per cent. BNB saw an increase of 12 per cent, Musk’s Dogecoin almost 10 per cent and Cardano more than 21 per cent. This all points to a combined market capitalization value in excess of $3.68 trillion.
Days ago the price of bitcoin was stuck; then it soared to record heights
As aforementioned, this boom was expected and analysts had been awaiting the breakthrough to the $100,000 mark. Yet not so suddenly. Mark Greenber, global CEO of Kraken, outlined a few days ago that “the price of bitcoin is stuck below $100,000 due to a large number of sell orders at that price. These orders act as a ceiling, preventing the price from rising. We saw a similar pattern in late 2017 when bitcoin was approaching $10,000. It took time for those sell orders to process, but once they did, they sold out and the price rose sharply. Breaking the $100,000 barrier will depend on whether buyer demand is strong enough to absorb all the sell orders at that level.”
Bitcoin’s meteoric rise to record levels, fueled in part by the market’s reaction to Donald Trump’s election, marks a landmark moment in the cryptocurrency’s journey. The unexpected speed of this surge underscores the shifting dynamics of global finance and investor sentiment. It not only highlights Bitcoin’s resilience but also cements its role as a key player in the future of decentralized assets and speculative investment.
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