Early Thursday morning (PKT), Bitcoin surpassed the $100,000 mark for the first time since its creation, sending its price soaring to a new record high.
Before settling back down to $103,300 around 8 AM, BTC reached a record high of $103,679 again. Today at 9:15 AM, it was worth $103,000. The flagship cryptocurrency was trading at over $103,216, a 7.74% increase, at 9:20 AM today.
There are currently 19.79 million Bitcoin coins in circulation, giving the cryptocurrency a full diluted market valuation of $2.17 trillion as of the filing date.
It should be noted that Bitcoin’s aggregate value has increased by about $88,000 since 2022, when it fell below $16,000. With a price of $44,000 at the beginning of 2024, the value of Bitcoin has increased 1,200% since then.
Paul Atkins, who is pro-crypto, is joined by institutional investors and was just nominated by Donald Trump to chair the SEC. But market participants think that Trump’s victory in last month’s US elections is the true cause of BTC’s record rally in the past few weeks, therefore he deserves full credit for the victory.
There is a lot of optimism among investors that the election of Donald Trump as president will grant further legal protections to cryptocurrency.
Influence of Donald Trump on the Crypto Market
Several crypto firms, including Ripple, Kraken, and Circle, are competing for a spot on Trump’s proposed crypto advisory council, aimed at influencing U.S. crypto policy. Trump’s interest in the crypto sector, demonstrated by his recent venture World Liberty Financial and potential acquisition of Bakkt, has boosted investor confidence.
The approval of U.S.-listed Bitcoin exchange-traded funds (ETFs) has also driven Bitcoin’s price surge, attracting institutional investors. Over $4 billion has been invested in these ETFs since their approval. The rise in Bitcoin’s value has positively impacted related sectors, such as Bitcoin mining, with companies like MARA Holdings seeing a 65% rise in shares in November.
Despite Bitcoin’s success, critics highlight concerns about energy consumption and the industry’s history, including the FTX collapse. Some warn of short-term market volatility, but analysts predict Bitcoin could reach $120,000 by Christmas after any potential dips.
