Bitcoin’s surge past $100,000 and a $2 trillion market cap, combined with Trump’s pro-crypto regulatory appointments, mark a historic moment for the cryptocurrency.
In a landmark moment for the crypto community, Bitcoin BTC $111 173 24h volatility: 1.8% Market cap: $2.22 T Vol. 24h: $64.19 B price has surged past the highly anticipated $100,000 level, reaching an all-time high of $103,900 on December 5. At the time of writing, Bitcoin is trading at $102,530, reflecting a 6.2% gain over the past 24 hours.
This historic rally has been accompanied by a surge in 24-hour trading volume, now up by 70% to $117.5 billion. With the crypto fear and greed index registering an “extreme greed” level of 84, investor enthusiasm also appears to be at the top.
On Thursday, Bitcoin’s market capitalization also experienced a sharp boost, crossing the $2 trillion mark, a major milestone in its journey as the world’s leading cryptocurrency. This surge comes on the heels of April’s halving event, which halved miners’ rewards and set the stage for increased scarcity and bullish momentum.
Pro-Crypto Developments
2024 has seen several significant political and institutional developments for Bitcoin (BTC). After winning the presidential elections in November, Donald Trump has now nominated Paul Atkins, a known crypto advocate, to chair the SEC. Atkins’ potential replacement of Gary Gensler signals a departure from regulatory roadblocks, which many believe have stifled the cryptocurrency market under the current administration.
Additionally, Trump’s appointments of hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick to key financial roles are being viewed as a game changer toward shaping a crypto-friendly administration in the US.
Institutional interest in Bitcoin has also reached unprecedented levels in 2024, driven largely by the SEC’s approval of spot Bitcoin ETFs earlier in the year. Since their launch, these funds have recorded $32.29 billion in net inflows. As per the data by SoSoValue, spot Bitcoin ETFs recorded a cumulative net inflow of $556.82 million on December 4.
On the trading front, Bitcoin’s price movements continue to show a correlation with the S&P 500, sparking debates about its classification as a “high-leveraged tech stock”. However, analysts at Santiment have stated that a decoupling of Bitcoin from equities would signal even greater bullish momentum for the cryptocurrency. “Historically, crypto has flourished when there is little to no reliance on world stock markets,” they explained on X.
Altcoin Trading Front
While Bitcoin’s dominance has taken center stage, altcoins like Ether, XRP, BNB, and Solana are gradually catching up. Ether has shown particularly strong performance, registering a 4.3% gain in the last 24 hours. The altcoin market briefly faltered as traders redirected funds into Bitcoin to capitalize on the $100K milestone.
With Bitcoin up 150% year-over-year, bullish investors are now setting their sights on a new target of $150,000.
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