Bitcoin Achieves Historic Milestone with $100,000 Price Surge

In a groundbreaking achievement, Bitcoin has surpassed the $100,000 mark for the first time since its inception. This remarkable surge occurred early Thursday morning (PKT), showcasing a new record high for the world’s leading cryptocurrency.

Initially peaking at $103,679, Bitcoin settled back down to around $103,300 by 8 AM, and as of 9:15 AM, it was priced at $103,000. According to reports, the cryptocurrency was trading at over $103,216 just after 9:20 AM, reflecting a substantial 7.74% increase.

As of now, there are approximately 19.79 million Bitcoin coins in circulation, leading to a fully diluted market valuation of about $2.17 trillion. It is noteworthy that Bitcoin's total value has risen significantly, by roughly $88,000, since 2022 when it had fallen below $16,000. Starting the year at $44,000, Bitcoin has witnessed an incredible 1,200% increase since then.

The recent price increase is attributed to several factors, including strong market rallies and the recent approval of Bitcoin exchange-traded funds (ETFs) in the U.S. Notably, Paul Atkins, a pro-crypto figure nominated by Donald Trump to chair the SEC, is perceived as instrumental in this bullish run. Many market participants believe that Trump's victory in last month’s U.S. elections has played a significant role in Bitcoin's latest rally, leading to optimism among investors regarding increased legal protections for cryptocurrencies.

Impact of Leadership on the Cryptocurrency Market

The influence of Donald Trump's administration extends into the crypto sector as several companies, including Ripple, Kraken, and Circle, are vying for positions on Trump's proposed cryptocurrency advisory council. This council aims to shape U.S. cryptocurrency policy, adding to investor confidence.

Moreover, the approval of U.S.-listed Bitcoin ETFs has been a major factor in Bitcoin's recent surge, drawing substantial investment from institutional players. Reports indicate that over $4 billion has been invested into these ETFs since their inception. The positive momentum in Bitcoin's value has also positively affected related sectors, such as Bitcoin mining. For instance, shares of MARA Holdings have risen by 65% in November as a result.

While Bitcoin's significant success is being celebrated, critics emphasize concerns regarding its energy consumption and the industry's tumultuous past, including events like the FTX collapse. Some experts caution that short-term market volatility could persist. Nevertheless, analysts express bullish sentiments, predicting that Bitcoin could reach $120,000 by Christmas after any potential dips in the price.

Bitcoin, Milestone, ETFs