Bitcoin Reaches New All-Time High of $103,679 with Market Cap Exceeding $2 Trillion
Bitcoin has reached a significant milestone, trading at $103,679, marking its first six-figure level and a year-to-date increase of over 140%. This surge has elevated its market capitalization to above $2 trillion.
This achievement has sparked renewed interest among investors, reinforcing Bitcoin's role in the global financial ecosystem.
Currently, Bitcoin trades at $101,573, reflecting a 6% increase over the past 24 hours.
What Comes Next?
Market intelligence platform IntoTheBlock provided insights on Bitcoin’s future trajectory, noting that its capped supply and increasing interest from institutional investors and nations could drive further growth.
Bitcoin breaks $100.000!
A major milestone, but what’s next?
With a limited supply and substantial interest from large investors (and even countries), the potential seems limitless. However, we recommend taking a look at prior cycles to evaluate potential.
This chart shows… pic.twitter.com/5b60oTRJy3
— IntoTheBlock (@intotheblock) December 5, 2024
Historical data indicates diminishing returns post-halving: 7,900% in 2013, 2,560% in 2017, and 594% in 2021.
IntoTheBlock forecasts a conservative growth range of 100%-200% from the halving price, suggesting a peak between $130,000 and $190,000. Analysts commented:
So while some are calling for a million dollars per Bitcoin, a more reasonable expectation would be a 100%-200% return from the halving price, placing the top between 130k and 190k.
The analysts also noted the possibility of Bitcoin becoming a global reserve asset.
Analyzing Market Trends and Investor Behaviour
A CryptoQuant analyst shared additional insights into Bitcoin's market behavior. The analyst observed an increase in Bitcoin purchases, with the Coinbase Premium Index indicating strong buying activity in the United States.
This index tracks the price difference between Coinbase Pro and Binance, showing sustained positive data that reflects active participation by US investors.
The analyst emphasized monitoring this index alongside broader trends. During “fear phases,” where buyers retreat but bearish momentum does not materialize, opportunities for strategic entry points may arise.
If the index remains positive, it suggests a continuation of the uptrend, making pullbacks favorable for positioning. Until reaching the “excess phase,” buying positions should be maintained, while securing profitable positions is advised to mitigate risk.
Featured image created with DALL-E, Chart from TradingView