Bitcoin, the world’s most valuable cryptocurrency by market capitalisation, has crossed the $100,000 threshold, marking a historic milestone since its inception in 2009.
The cryptocurrency reached an all-time high of $103,587 at 5:05 am (GMT+1) on Thursday after closing at $98,318.24 on Wednesday, according to CoinMarketCap, a crypto asset price-tracking platform. By 9:14 am, Bitcoin settled at $102,635.02.
The cryptocurrency’s market capitalisation also rose significantly, reaching $3.81 trillion, with an increase of $477 billion in just 24 hours. Bitcoin now accounts for 52.8 percent of the total cryptocurrency market, followed by Ethereum at 12.1 percent, with other coins sharing the remaining 35.1 percent. Ethereum is currently trading at $3,860.
Bitcoin’s recent surge began on November 5, following the election victory of Donald Trump, the Republican Party candidate in the United States presidential election. On the same day, the cryptocurrency jumped to $75,000, sparking a steady climb that saw it reach $80,000 on November 10, $89,000 on November 12, and $92,000 on November 13.
Market analysts attribute this rally to Trump’s signals of a potentially crypto-friendly regulatory environment.
Notably, Trump’s nomination of Paul Atkins as chairman of the Securities and Exchange Commission (SEC) has bolstered investor confidence. Atkins is known for his pro-crypto stance as the co-chair of the Token Alliance, an initiative advocating for the crypto industry under the Chamber of Digital Commerce.
The Bitcoin rally has drawn significant attention from industry leaders. Charles Hoskinson, the founder of Cardano, has projected that Bitcoin’s price could reach $250,000 within two years, with the potential to climb as high as $500,000 in an optimistic scenario.
Hoskinson referred to $250,000 as a “conservative target,” citing growing institutional interest and evolving global crypto regulations as factors that could drive further price increases.
