As a seasoned crypto investor who rode the Bitcoin rollercoaster since its early days, witnessing the digital asset break the $100,000 barrier is nothing short of awe-inspiring. The journey has been filled with ups and downs, but the bull run we’re experiencing now reminds me of the thrilling ride at Cedar Point’s Magnum XL-200.
A significant event in cryptocurrency’s timeline has occurred, as Bitcoin, the pioneering decentralized digital currency, surpassed $100,000 for the first time. This impressive leap is attributed to growing enthusiasm about crypto regulations, increased institutional interest, and continuous inflows into ETFs, sparking the long-anticipated bull market.
The industry responded with unbridled excitement as the optimistic trend persisted at its peak.
BTC is Finally at $100,000
Among cryptocurrency enthusiasts, reaching $100,000 for Bitcoin has long been an eagerly awaited achievement. For many traders and investors, it was more a question of when rather than if this milestone would be reached. Bitcoin’s ascent has been particularly strong since Donald Trump’s election victory, and it has now achieved this impressive peak.
To begin with the current year, Bitcoin was exchanging at roughly $42,000. Later in March, the asset surpassed its 2021 maximum following the SEC’s approval of Bitcoin ETFs within the U.S. market. Subsequently, Bitcoin set a fresh record high of $75,000 before the election transpired, and this positive trend fueled further expansion.
As of this writing, it is trading near its all-time high at $103,117.
Starting from early November, it became increasingly evident that reaching the $100,000 milestone was drawing nearer than ever before. Not only was there a sense of regulatory optimism tied to President Trump’s potential re-election, but a number of additional elements also boosted investor confidence.
In November, MicroStrategy boosted its Bitcoin holdings with a pair of purchases totaling over $6.6 billion, further cementing its position as the biggest Bitcoin owner. Similarly, mining giant Marathon Digital announced plans to buy more Bitcoin and expand its investment portfolio.
Concurrently, both whales and long-term investors have been driving Bitcoin’s consistent upward trend in recent times. A glance at the Crypto Fear and Greed Index suggests that a large number of users anticipate more price increases ahead.
2024 stands out as an exceptionally prosperous year for Bitcoin (BTC), with the Securities and Exchange Commission’s (SEC) approval in January marking a significant milestone. This approval sparked a surge in financial institutions investing in Bitcoin Exchange-Traded Funds (ETFs), breaking all previous records for ETF demand within the United States. Currently, these ETFs collectively control around 5% of the entire Bitcoin supply.
Looking back at the tumultuous year that’s almost over, it will forever stand out as the year where Bitcoin surpassed $100,000 in value.
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2024-12-05 07:06