Bitcoin Surpasses $100,000 Threshold, Setting New All-Time High Amid Post-Election Rally
In Brief
The price of Bitcoin surpassed the $100,000 mark late Wednesday night, setting a new all-time high during a prolonged rally.
Price of the first cryptocurrency, Bitcoin, exceeded the $100,000 mark late Wednesday night, reaching a new all-time high amidst a prolonged rally.
Currently, Bitcoin is trading at $102,504, reflecting a 6.15% increase over the last 24 hours. Its market capitalization has surpassed $2.03 trillion, showing a similar 6.20% growth within the same period, as reported by CoinMarketCap. Over the past month, Bitcoin’s value has surged by more than 49%, and it has gained over 67% since early October, when its price was approximately $60,000.
According to data from SoSo Value, Bitcoin spot exchange-traded funds (ETFs) experienced a total net inflow of $557 million yesterday.
In related news, Federal Reserve Chair Jerome Powell drew a comparison between Bitcoin and gold, which contributed to a positive sentiment in the cryptocurrency market. He highlighted that both assets share similarities, contrasting them with the US Dollar.
The recent price surge was further supported by the announcement that Paul Atkins, founder and CEO of Patomak Global Partners, has been selected by President-elect Donald Trump to lead the U.S. Securities and Exchange Commission. Paul Atkins, who is known for co-chairing the Digital Chamber’s Token Alliance and advising Reserve, previously served as a commissioner at the SEC under former President George W. Bush from 2002 to 2008.
Institutional Interest And ETF Inflows Drive Historic BTC Growth
The rise in Bitcoin’s value began well before the recent election in the US, driven by increasing interest in digital assets as tools for hedging against inflation and as long-term investment opportunities. Market sentiment received additional support following Donald Trump’s victory last month, as analysts speculated that his administration might introduce clearer regulations for cryptocurrencies, which could benefit the market overall.
Institutional and corporate involvement has been a notable driver of Bitcoin’s price growth. For instance, in November, MicroStrategy—the largest publicly traded corporate holder of Bitcoin—announced the purchase of an additional 15,400 Bitcoin for $1.5 billion. Such high-profile acquisitions have reinforced confidence in Bitcoin as a valuable asset among large-scale investors.
Another key factor has been the surge in spot ETF inflows in the United States. Glassnode data reveals that November set a new record for spot Bitcoin ETFs, with inflows totaling $6.1 billion. BlackRock’s IBIT fund accounted for the largest portion of this activity, attracting $5.4 billion in inflows over the past month. This heightened interest in investment products has played a crucial role in helping the cryptocurrency cross the $100,000 threshold.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
