In one of the biggest milestones in crypto history, Bitcoin, the first decentralized digital asset, has crossed $100,000. Increasing optimism surrounding crypto regulations, institutional adoption, and consecutive ETF inflows has triggered this much-awaited bull run.
The industry greeted this news with downright ecstasy as the bullish cycle continues in full swing.
BTC is Finally at $100,000
Bitcoin’s $100,000 mark has been the most anticipated milestone across the crypto community. For most traders and investors, it was always a matter of when, not if. The asset has been enjoying a significant bull run since Donald Trump’s electoral victory, and it finally reached this summit.
At the start of this year, Bitcoin was only trading at around $42,000. The asset finally crossed its 2021 peak in March after the SEC approved Bitcoin ETFs in the US market. Bitcoin eventually reached a new all-time high of $75,000 before the election took place, but this bullish development turbocharged growth.
As of this writing, it is trading near its all-time high at $103,117.
From the beginning of November, it was becoming clear that the $100,000 mark was closer than ever. Beyond the regulatory optimism surrounding Trump’s re-election, several other factors drove investor confidence.
MicroStrategy completed two additional BTC purchases worth over $6.6 billion in November alone, growing its lead as the largest Bitcoin holder. Leading miner Marathon Digital also unveiled plans to acquire more BTC and increase its portfolio.
At the same time, whales and long-term holders fueled Bitcoin’s sustained momentum in the last stretch. One look at the Crypto Fear and Greed Index shows that the vast majority of users predict further gains from here.
Overall, 2024 has been the most successful year for BTC. Since the SEC’s approval in January, financial institutions started investing in Bitcoin ETFs at a record pace, surpassing the demand for any other ETFs in US history. ETFs now collectively hold 5% of the total supply.
As this positively chaotic year nears its end, it will always be remembered as the year when Bitcoin crossed $100,000.
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Landon Manning
https://beincrypto.com/bitcoin-reaches-100k/
2024-12-05 03:34:59
