Bitcoin hits $100K: What’s driving it and why It matters for Crypto fans

Bitcoin climbs past $100K, sparking hopes for crypto’s mainstream future. Discover what’s driving this surge!

The milestone of Bitcoin was hailed even by sceptics
The milestone of Bitcoin was hailed even by sceptics (Reuters)

As Bitcoin surges above $100,000 for the first time on Thursday, the crypto world saw a hope of light. Looks like with the year ending, the crypto market is getting ready for a new phase by 2025. The constant high achievements of Bitcoin and other crypto currencies such as Altcoin and Solana (SOL) among others have brought new hopes among crypto enthusiasts/investors. 

Once it broke $100,000 in November, speculations suggest that this was boosted by the election of Donald Trump as the U.S. President. Others suggest that Trump’s nomination of pro-crypto Paul Atkins to run the Securities and Exchange Commission, could also be another reason. Just after this Bitcoin saw an all-time high of $103,649.  Before the highest it fetched was $98,803, that is up by 0.95% on the day.

The rise of Bitcoin: Up and up!

As reported by CoinGecko, a market analyst platform, the total value of the cryptocurrency market has almost doubled over the year.  To be specific, so far it has hit a record of over $3.8 trillion. Bitcoin alone has more than doubled in value this year highlighting a rise of more than 50% in the four weeks. 

Seeing the rise, Donald Trump has made several statements highlighting Bitcoin and other digital currency as important assets. He said that the entire digital asset ecosystem is on the brink of entering the financial mainstream. He further added that this momentum has high chances of getting fuelled by advancements in tokenisation and payments, institutional adoption, and a clearer regulatory path.

The future of crypto

Looking at the future of the crypto market, the milestone was hailed even by sceptics. Some of them saw the rise as a’ coming-of-age for digital assets. Some investors are even betting on a friendly U.S. administration to cement the place of cryptocurrencies in financial markets. Furthermore,  “We’re witnessing a paradigm shift,” Mike Novogratz, founder and CEO of U.S. crypto firm Galaxy Digital,  highlighted.

“Congratulations Bitcoiners!!! $100,000!!! you’re welcome!!! Together, we will Make America Great Again!” Trump said on Truth Social. Notably, Truth social is his social media network, on Thursday. Well Trump was not always a ‘crypto’ supporter. Reportedly, he once labelled crypto as a scam. Now, he is embracing digital assets during his campaign, promoting crypto assets. A classic Trump behavior! Trump has faced certain backlashes for some of his similar actions earlier. 

Looking ahead along with Bitcoin, some Altcoins also saw a surge. Altcoins such as Ethereum, XRP, and Solana surged by 0.70%, 1.58%, and 2.09%, respectively. This eventually indicates broader market interest in alternative cryptocurrencies. 

Follow FE Tech Bytes on TwitterInstagramLinkedInFacebook

Market Data
Market Data