Bitcoin(BTC) price hits $100K for first time in history

Bitcoin has risen 126% since January to surpass $100,000, owing to strong demand for Bitcoin ETFs, a halving in April, and Donald Trump’s victory in the US presidential election. Bitcoin’s price surpassed $100,000 for the first time in history, marking a watershed moment for the cryptocurrency sector following a year of rapid development.

Bitcoin BTC $102,247 broke the $100,000 price barrier on December 5, mere weeks after surpassing the $90,000 milestone on November 12, Bitcoin also reached a new all-time high of $104,000 at 3:08am UTC, just 90 minutes after reaching the $100,000 milestone.

The year has seen more than $31 billion in net inflows from spot Bitcoin exchange-traded funds in the United States, as well as restricted supply following Bitcoin’s fourth halving in April. Republican Donald Trump’s victory in the US presidential election, rising speculation about a strategic Bitcoin national reserve, and more Bitcoin business adoption headed by MicroStrategy’s Michael Saylor have all contributed to Bitcoin’s price gain.

It also comes as Trump just named crypto supporter Paul Atkins to replace Gary Gensler as chair of the Securities and Exchange Commission, potentially removing key regulatory barriers that have hampered the broader business during the Biden administration.

Trump also appointed hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnik to lead the Treasury and Commerce departments, forming what could be the most pro-crypto cabinet to date.

Bitcoin is up 126% since January

 Bitcoin’s value has increased by 126% since January 1, when it was trading around $44,000. Bitcoin’s market capitalisation has set a new high, surpassing $2 trillion for the first time in history.

Bitcoin’s 2024 rise is not its most explosive bull run yet. In 2017, Bitcoin’s price increased by 1,900%, from $1,000 in January to $20,000 in December. It then increased by 1,250%, from $5,100 when COVID-19 was declared a pandemic in March 2020 to $69,000 in November 2021.

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