Dec 5 2024: Bitcoin soared above the $100,000 mark for the first time on Thursday, driven by investor enthusiasm for a pro-crypto administration in the United States. The cryptocurrency’s value reached an all-time high of $103,619 before settling near $101,933, marking a 6% surge on the day.
The cryptocurrency market’s capitalization now approaches $3.8 trillion, underscoring its growing integration into mainstream finance. Bitcoin has more than doubled in value this year, with over 50% of the gains occurring since Donald Trump’s election victory, which also saw numerous crypto-friendly lawmakers entering Congress.
Trump’s campaign promises to bolster the U.S. as a global crypto leader have fueled market optimism. His nomination of Paul Atkins, a crypto policy veteran, to head the Securities and Exchange Commission is seen as a pivotal step toward clearer regulation and broader institutional adoption.
The rally has been further supported by strong institutional interest, with billions flowing into U.S.-listed Bitcoin ETFs since their approval in January. Analysts see Bitcoin’s rise as a testament to its resilience and normalization within financial markets, despite ongoing criticism regarding energy usage and regulatory concerns.
As crypto-related stocks and institutional interest continue to climb, Bitcoin’s position in the financial ecosystem appears increasingly solidified.
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