As an analyst with over two decades of experience in the financial markets, I have witnessed numerous bull runs and bear markets, but nothing quite compares to the meteoric rise of Bitcoin. Breaking the six-figure barrier is not just a testament to the resilience of this digital asset, but a clear signal that cryptocurrencies are here to stay.
On Thursday, December 5th (Asia), the value of a single Bitcoin reached an unprecedented peak of $103,630 during morning trades, as reported by Tradingview on the Binance platform.
In the last 12 hours, the price surge following the consolidation breakout exceeded 7%, with the asset rising from a daily minimum of approximately $95,000.
This year so far, Bitcoin has surged an astounding 140%, leaving many conventional investments in the dust. Its recent surge has even propelled its total market value beyond the $2 trillion mark for the very first time ever.
BREAKING: #Bitcoin officially hits $2 TRILLION in market cap for the first time in history.
This comes just 5 minutes after Bitcoin crossed the historic $100,000 level.
Bitcoin is now the 7th most valuable asset in the world.
— The Kobeissi Letter (@KobeissiLetter) December 5, 2024
Bitcoin at Six Figures
According to analyst Miles Deutscher, an optimal situation for Bitcoin ($BTC) could involve closing above its current price, stabilizing for several days within the range of $100,000 to $105,000, and subsequently surging towards $120,000.
Simultaneously, the Bitcoin trailblazer, Anthony Pompliano, stated that $100,000 represents a significant psychological threshold.
Tomorrow, every Baby Boomer will find themselves checking headlines before deciding to invest in Bitcoin as a precaution against their doubts. This marks a new stage in this ongoing financial adventure.
As a crypto investor, I’ve noticed a significant shift in the market following the announcement that President-elect Donald Trump appointed Paul Atkins to take over from outgoing Securities and Exchange Commission Chair Gary Gensler. Trump has made it clear he intends to dismantle the Biden administration’s efforts against crypto, which were largely spearheaded by the SEC under Gensler’s leadership.
Moreover, as per reports from Bloomberg, Russian President Vladimir Putin stated during an economic conference in Moscow that it is impossible to restrict the utilization of digital currencies like Bitcoin.
With Bitcoin reaching the six-digit mark, the president of ETF Store, Nate Geraci, shared a compilation of statements from bankers, politicians, and affluent seniors dismissing the digital currency in recent times.
“Vaporware”
“There’s no intrinsic value”
“Based on thin air”
“It’s a scam”
“How can it be worth anything”
“Rat poison squared”
“Pseudo asset”
“It’s a fraud”
“Worse than tulip bulbs”
“Ponzi scheme”
“Evil”
“Latest iteration of fool’s gold”
Bitcoin eclipses *$100,000*…
— Nate Geraci (@NateGeraci) December 5, 2024
It’s uncertain how much higher the asset might rise due to a Mt. Gox wallet moving approximately 24,052 Bitcoins (worth about $2.43 billion) to a different wallet following the price surpassing $100,000, as reported by Lookonchain on December 5.
Crypto Market Cap ATH
The overall value of all cryptocurrencies reached an unprecedented peak of $3.87 trillion after a significant rise in Bitcoin’s value, causing other digital currencies to climb as well.
Ethereum (ETH) has made a breakthrough too, reaching $3,924 as it moves closer to the significant $4,000 mark.
Additionally, meme-based cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB) along with Polkadot (DOT), Bitcoin Cash (BCH), and Sui (SUI) were also experiencing significant price increases.
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2024-12-05 08:55