Time to withdraw? Bitcoin reaches all-time high, crosses $100,000 mark

Bitcoin reaches all-time high on Thursday as the currency passed $100,000 in value for the first time in history. It went as high as $103,619 in early Asian trading on news of the appointment of pro-crypto advocate Paul Atkins by President-elect Donald Trump as the chief of the Securities and Exchange Commission, settling eventually at $102,650 as it posted a 6% rise over the previous day.

The total cryptocurrency market value has almost doubled in 2024, nearing $3.8 trillion, surpassing major corporations like Apple in market worth. Bitcoin reaches an all-time high as its transition from a fringe digital asset to a mainstream financial powerhouse reshapes global markets.

Trump’s win and his pro-crypto stance have fueled the Bitcoin price rise, as the asset doubled in value this year. It also jumped 50% within four weeks of the election. “Bitcoin reaches all-time high as institutional adoption accelerates,” Galaxy Digital CEO Mike Novogratz said. He underscored that advancements in tokenization, payments, and clarity in regulation are fueling this unprecedented growth.

Bitcoin reaches all-time high, gains over 80,000 USD in 2 years

Bitcoin’s path to the six-figure mark is a testament to its strength. Two years ago, it had crashed to $16,000 after the FTX meltdown that sent shockwaves in the industry. Analysts believe large-scale institutional investments, which include $4 billion into Bitcoin ETFs approved earlier this year, have been the drivers for the current momentum. Bitcoin breaks an all-time high, further establishing its place as an asset class in financial markets.

Crypto stocks have mirrored Bitcoin’s rally. Companies like Coinbase and MARA Holdings saw their shares rise by 65% in November, while Microstrategy, holding over 400,000 bitcoins, gained 540% this year. Trump himself announced a new crypto venture, World Liberty Financial, in September, further cementing his administration’s commitment to the digital asset space.

Despite all the warnings regarding energy consumption and crypto crimes, Bitcoin has gone to an all-time high, proving its resilience in global finance. “No one can prohibit it,” said Russian President Vladimir Putin. Financial analysts argue that the momentum of Bitcoin is undeniable as it continues to embed itself into trading desks alongside traditional commodities.