Bitcoin Reaches $100,000 in Breakthrough Crypto Moment

For the very first time since its creation, Bitcoin has broken through the $100,000 barrier on Thursday, December 5, 2024, marking a historic moment in cryptocurrency development.

The digital currency peaked at an extraordinary $103,587 at 5:05 am (GMT+1), having closed at $98,318.24 the previous day. By 9:14 am, it had settled at a still impressive $102,635.02.

The cryptocurrency market has experienced a substantial expansion, with total market value jumping to $3.81 trillion – a staggering gain of $477 billion in just 24 hours. Bitcoin now dominates over half the market, accounting for 52.8 per cent, while Ethereum holds a distant second place at 12.1 per cent.

This surge is closely linked to President-elect Donald Trump’s apparent support for cryptocurrencies. Once a crypto skeptic who called Bitcoin “not money” and “highly volatile,” Trump has apparently shifted his stance. In July, he headlined the largest crypto convention in Nashville, vowing to create a “strategic national bitcoin stockpile” and promising that if “crypto is going to define the future,” he wants it “mined, minted and made in the USA.”

Trump’s nomination of Paul Atkins, a crypto advocate and former SEC commissioner, to lead the Securities and Exchange Commission has further fueled market optimism. Atkins is expected to implement a more crypto-friendly regulatory environment, contrasting with the aggressive approach of current SEC chair Gary Gensler.

The cryptocurrency saw remarkable growth, jumping from $75,000 on election day to $80,000 on November 10, then to $89,000 just two days later, and surpassing $92,000 by November 13.

Market analysts attribute the surge to expectations of a more supportive regulatory environment and Trump’s increasingly crypto-positive rhetoric.

Trump himself celebrated the $100,000 milestone, posting “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!” on his social media platform, Truth Social.