Bitcoin has made history by surpassing the $100,000 mark for the first time, propelling its market capitalization to an impressive $2 trillion. This milestone comes after a series of new all-time highs in recent weeks, driven by market momentum following 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 surged by over 30%, reaching $93,400 on Nov. 13. The digital asset continued to break records, hitting $93,900 on Nov. 19 and $94,300 on Nov. 20. On Nov. 21, Bitcoin surged to $98,200 before dipping back to around $97,000, coming within 3% of the $100,000 milestone. Despite being denied at $99,600 the next day, Bitcoin experienced a decline to $90,700 by Nov. 26.
By Nov. 29, Bitcoin managed to reclaim $98,000 but struggled to maintain momentum due to a surge in leverage to all-time highs. Over the next few days, Bitcoin traded within a narrow range between $93,000 and $97,250 before finally surpassing $99,000 on Dec. 3.
Bitcoin took just three hours from breaking the six-figure level to reach $101,450 as Asian trading commenced on Dec. 4, marking a 6.64% increase over the past 24 hours.
Bitcoin’s journey to $100,000 is a significant milestone from its humble beginnings in 2009 when it held little to no monetary value. The cryptocurrency’s first recorded price was less than $0.10 in 2010, climbing to $1 in February 2011 and briefly exceeding $30 in June 2011. However, a bubble burst led to a price drop to around $2 by the end of 2011.
In November 2012, Bitcoin underwent its first halving event, where the mining reward was halved. By the end of 2013, Bitcoin had reached $1,000, marking a major rally. The following years saw Bitcoin experience significant volatility, including a drop to around $200 in 2015 before stabilizing and gaining strength by 2016.
The turning point came in 2017 when Bitcoin’s price surged from around $1,000 to nearly $20,000 by December, propelling it into the mainstream. This was followed by a bear market in 2018, known as the “crypto winter,” which saw the price fall to around $3,700 by the year’s end.
Bitcoin began to recover in 2019 and weathered the COVID-19 pandemic-induced market crash in March 2020 to end the year at nearly $29,000. The rally continued into 2021, with Bitcoin reaching new all-time highs of $64,895 in April and $69,000 in November. Despite a downturn in 2022 due to the collapse of major crypto firms, Bitcoin 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 place in global finance, highlighting its growing acceptance among investors and institutions.
As of the latest data on Dec. 5, 2024, Bitcoin is ranked #1 by market cap, with a price increase of 5.75% over the past 24 hours. Bitcoin has 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 a Bitcoin dominance of 55.12%.
In conclusion, Bitcoin’s journey to $100,000 reflects its resilience, growth, and increasing relevance in the global financial landscape. This milestone is a testament to the continued evolution and adoption of cryptocurrencies, paving the way for a new era of digital finance.