Bitcoin Price Surges Past $100,000, Reaches All-Time High of $103,900
Bitcoin (BTC) has surpassed the $100,000 mark, achieving an all-time high of $103,900 on December 5. Currently, Bitcoin is trading at $102,530, reflecting a 6.2% gain over the past 24 hours.
The price increase is accompanied by a 70% rise in 24-hour trading volume, now at $117.5 billion. The crypto fear and greed index indicates "extreme greed" at a level of 84, suggesting heightened investor enthusiasm.
Bitcoin's market capitalization has also crossed the $2 trillion threshold, marking a significant milestone for the cryptocurrency. This surge follows April’s halving event, which reduced miners' rewards and increased scarcity, contributing to bullish momentum.
Pro-Crypto Developments
In 2024, notable political and institutional developments have emerged for Bitcoin (BTC). Following his presidential election win in November, Donald Trump nominated Paul Atkins, a pro-crypto advocate, to chair the SEC. This potential transition signals a shift away from regulatory challenges that have hindered the cryptocurrency market.
Trump's appointments of hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick to key financial roles are expected to foster a more crypto-friendly administration in the US.
Institutional interest in Bitcoin has surged, largely driven by the SEC’s approval of spot Bitcoin ETFs earlier this year. These funds have seen $32.29 billion in net inflows, with a cumulative net inflow of $556.82 million recorded on December 4.
Bitcoin's price movements show correlation with the S&P 500, raising discussions about its status as a “high-leveraged tech stock.” Analysts at Santiment noted that a decoupling from equities would indicate stronger bullish momentum for Bitcoin, stating, “Historically, crypto has flourished when there is little to no reliance on world stock markets.”
Altcoin Trading Front
While Bitcoin remains dominant, altcoins such as Ether, XRP, BNB, and Solana are gradually gaining traction. Ether has demonstrated strong performance with a 4.3% gain in the last 24 hours. The altcoin market experienced a brief setback as traders focused on Bitcoin to take advantage of its recent milestone.
With Bitcoin up 150% year-over-year, bullish investors are now targeting a new price point of $150,000.