Bitcoin has made history by surpassing the $100,000 mark for the first time, reaching a market capitalization of $2 trillion. This achievement follows a series of new all-time highs in recent weeks, driven by market momentum after the U.S. presidential election.
The election of pro-cryptocurrency advocate Donald Trump played a role in Bitcoin’s surge. Since his victory in early November, Bitcoin’s price has increased by over 30%, hitting $93,400 on Nov. 13. The digital asset continued to break records, reaching $93,900 on Nov. 19, $94,300 on Nov. 20, and soaring to $98,200 on Nov. 21. However, it faced resistance at $99,600 before dropping to $90,700 by Nov. 26.
Despite these fluctuations, Bitcoin managed to reclaim $98,000 on Nov. 29 but struggled to maintain momentum due to a surge in leverage. It traded in a narrow range between $93,000 and $97,250 before finally breaking the $100,000 barrier on Dec. 4, trading at $101,450 at press time, up 6.64% over the past 24 hours.
Bitcoin’s journey to $100,000 has been remarkable since its inception in 2009 when it had little to no monetary value. The cryptocurrency’s price history includes milestones such as reaching $1 in 2011, briefly exceeding $30 in June of that year, and experiencing its first major rally to $1,000 by the end of 2013 after the first halving event in November 2012.
The year 2017 was a turning point for Bitcoin as it surged from around $1,000 to nearly $20,000 by December, bringing it into the mainstream spotlight. This was followed by a bear market in 2018, known as the “crypto winter,” where the price fell to around $3,700. However, Bitcoin began to recover in 2019, and by the end of 2020, it was trading at nearly $29,000.
In 2021, Bitcoin set new all-time highs of $64,895 in April and $69,000 in November, but faced a downturn in 2022 due to the collapse of major crypto firms. The cryptocurrency began to recover in 2023, surpassing $40,000 by year-end.
The breach of the $100,000 mark in 2024 signifies a significant moment for the crypto market, reflecting increased institutional adoption, investor confidence, and strategic Bitcoin reserve legislation. Bitcoin’s ascent past $100,000 solidifies its position in global finance and underscores its growing acceptance among investors and institutions.
At the time of writing on Dec. 5, 2024, Bitcoin is ranked #1 by market cap, with a price up 5.75% over the past 24 hours, a market capitalization of $2.01 trillion, and a 24-hour trading volume of $90.42 billion. The total crypto market is valued at $3.64 trillion with a 24-hour volume of $301.83 billion and Bitcoin dominance at 55.12%.