Bitcoin, the flagship cryptocurrency has finally crossed the $100,000 mark, putting an end to a full month’s wait.
The primary crypto asset in the early hours of Thursday hit a new all-time high of $103,679 fulfilling Analyst predictions of the token crossing the $100,000 mark before the end of the year.
Bitcoin’s price level is not the only milestone broken by the asset today. The crypto asset market capitalization also crossed the $2 trillion mark settling at $2.03 trillion at the time of writing this report.
Bitcoin Price in the early hours of today kept surging reaching $103,679 with its volume trading rising by 33% to 91 billion. The major market sentiment is also bullish hitting 80% during the price surge.
Race to $100,000
Bitcoin’s rally to the $100,000 price mark could be traced back to the United States election week. The flagship crypto asset was at $68,682 on November 5 the election day.
The march to $100,000 started after election day with Donald Trump claiming victory in the polls.
Donald Trump largely perceived as a crypto-friendly president instigated the November bull run from that moment with Bitcoin smashing its all-time high of $73,737 days later.
Bitcoin spent the rest of the month hovering near the $100,000 price mark, recording price levels up to $99,000 but never crossing the $100,00 mark.
Few days ago, the crypto asset retraced falling as low as $90,000 and raising concerns of a further price drop.
The asset finally crossed the $100,000 mark today following some new developments that helped push the asset over the line.
Trump Nominates Pro Crypto SEC Chief
Bitcoin tipped $100,000 following the nomination of Paul Atkins as Chairman of the Securities and Exchange Commission. Paul Atkins was nominated by Donald Trump bringing positive market sentiments to the industry.
This development was followed by Fed Chairman Jerome Powell’s acknowledgment of Bitcoin as a rival to gold adding more credibility to Bitcoin and the crypto industry at large.
New Price Prediction by Analysts
Bitcoin finally crossing the $100,000 price mark has opened up the doors for a barrage of new predictions by analysts on what will be its next significant price level. Many Analysts who called the Bitcoin crossing $100,000 price level before the end of the year are now setting new targets for the crypto asset for 2025.
What to Know
- Bernstein Research is bullish on the price of Bitcoin for 2025. The intelligence firm believes $200,000 is a realistic target for the asset. This projection has been updated from $150,000 due to the rise in institutional demand in many places.
- Cardano founder Charles Hoskinson believes the asset will hit $250,000 in just 2 years.
