As the year ends, the crypto market seems to bring a new hopeful year ahead with Bitcoin’s latest breakthrough! Yes, Bitcoin just crossed its $100k mark. As recorded by CoinmarketCap, the popular crypto stands at $103,449.70. Well, is this just the volatility impact of crypto or there’s more to it! Let’s have a detailed look at how Bitcoin broke records!
The ups and down of Bitcoin
A few days back on November 27, Bitcoin saw a significant drop falling at $92,000 after nearly reaching $100,000. Back then investors still remained optimistic, suggesting that this decline could be temporary. Some even predicted a potential recovery to $125,000 by year-end and even $200,000 by 2025. Looks like today the day has come
Crossing the $100K marks a historic moment for Bitcoin and the global crypto industry. It’s surprising how far the ‘volatile yet constant’ crypto market has come. Starting from just Satoshi Nakamoto’s vision in the Bitcoin whitepaper to today, where Bitcoin has become a significant player in the global financial ecosystem. This achievement could not just be about the price by how investors have constantly kept their faith in this market.
So what could be the reasons behind this two and fro and then swinging up high! Given below are some of the reasons which could have contributed in the recent achievement :
- Some analysts suggest that the re-election of Trump has reinvigorated enthusiasm within the crypto community.
- Another reason could be the US embracing pro-crypto policies. In addition to this other countries are also moving favourably.
- China has now lifted restrictions on personal crypto ownership.
- Brazil, and Russia are also considering Bitcoin for reserves. This initiative does signal the growing global economic role of cryptocurrency.
The crypto market ahead
In addition to Bitcoin, other tokens have also gained significant traction during the past few months. This includes Solana (SOL) and XRP, among others, which have hit an all-time high. Looking ahead, based on historical post-halving performance analysts suggest that Bitcoin could reach a peak of around $150,000 in 2025. If the past is considered as an indicator, then there are high chances that the April 2024 halving could spark a rally of 300–400%.
However, some suggest that the popularity of crypto investment also needs the implementation of cryptocurrency and tokens-based regulations. Only a proper regulatory framework can maintain the stability of the ‘unpredictable’ market.
Industry reacts
“In this dynamic environment, investors must stay informed about market developments to make confident and well-informed decisions,” Balaji Srihari, Business Head, CoinSwitch, explained.
“Bitcoin surpassing $100K is a psychological breakthrough that will prompt institutions, companies, and countries to take Bitcoin and crypto more seriously,”Attribution: Sumit Gupta, Co-founder, CoinDCX, said.
“ The next phase will be crucial for two reasons — sustaining its growth amidst increased whale and institutionalised investor activities and supplementary policy from world governments,” Mohammed Roshan Aslam, Co-founder, CEO, GoSats, highlighted.
“Bitcoin is now on the doorsteps of mainstream adoption as it continues to battle skepticism and a controversial history,” Avinash Shekhar, Co-Founder, CEO, Pi42, concluded.
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