Bitcoin breaks $100,000 for the first time in the history

Bitcoin hit a new all-time high of $100,000 for the first time in history after the price increase of 5% on the day of trading.

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, just hit a targeted price of $100,000 as a new all-time high. This milestone has significantly raised market confidence after the coin stumbled in a few weeks. The market cap also surged to $2 trillion, or an increase of 5.74% at the time of writing.

According to CoinMarketCap data on Dec. 05, the price kept surging and reached $103,700, with volume trading rising 33% to $91 billion. The major market sentiment is also bullish, at up to 80%.


Bitcoin breaks $100,000 for the first time in the history - 1
1 Hour BTC price chart, December 05, 2024 | Source: crypto.news

The price movement has been supported by Trump’s nomination for Paul Atkins as Chairman of the Securities and Exchange Commission (SEC), bringing a positive sentiment to the market. Ripple’s Brad Garlinghouse and Congressman Tom Emmer even support these nominations due to his stance as pro-crypto

Fed Chairman Jerome Powell’s acknowledgement of Bitcoin as a rival to gold also gives a perspective that this digital asset was commonly known as a safe-have instrument asset class.

Bitcoin price targets are more to come

Beyond the $100,000 target price that has already been unlocked, institutions and crypto personalities still believe that Bitcoin will grow in the future. A new target ranging from $150,000 to $500,000 in the next few years.

Bernstein Research has an ambitious bullish target price for 2025 of $200,000. This projection has been updated from $150,000 due to the rise in institutional demand in many places.

Founder of Cardano Charles Hoskinson projects that Bitcoin price would rise up to $250,000 in just 2 years. He believes that the target price is the lowest target to achieve, yet the highest target is $500,000.

Related Posts

Hex Trust buys Byte Trading: Will institutional investors bite?

Hex Trust, a digital asset financial services provider, has acquired Byte Trading for an undisclosed price. The move aims to enhance Hex’s markets and prime services for institutional investors while…

NFT sales suffer, Pudgy Penguins plunge: Here’s the latest

The NFT market continues its downward trend even as crypto prices stabilize, with Bitcoin edging up to $97,000 while Ethereum holds steady around $2,688 (see below). Source: CoinGecko The broader…

Leave a Reply

Your email address will not be published. Required fields are marked *