In a historic moment for the cryptocurrency market, Bitcoin has officially surpassed the $100,000 price milestone, reflecting an extraordinary year of growth and adoption.
The cryptocurrency achieved this significant feat on Dec. 5, reaching $100,000 and later setting a new all-time high of $104,000 at 3:08 am UTC, just 90 minutes after breaking the psychological barrier, according to TradingView data. This comes only weeks after Bitcoin climbed past the $90,000 threshold on Nov. 12.
Key Drivers Behind Bitcoin’s Surge
The price surge is underpinned by several factors, including over $31 billion in net inflows into spot Bitcoin exchange-traded funds (ETFs) in the U.S. throughout the year. Bitcoin’s fourth halving in April, which reduced the supply of new coins entering circulation, also played a crucial role in creating a supply-demand imbalance.
Political and corporate developments have further fueled Bitcoin’s rally. Former President Donald Trump’s surprising victory in the U.S. presidential election and speculation about a strategic national Bitcoin reserve have strengthened market confidence. Increased corporate adoption, led by companies like MicroStrategy under the guidance of CEO Michael Saylor, has also added momentum to Bitcoin’s upward trajectory.
The rally gains additional support from Trump’s recent nomination of crypto advocate Paul Atkins to lead the Securities and Exchange Commission (SEC). This move is seen as potentially easing regulatory hurdles that have previously constrained the broader cryptocurrency industry. Trump has also selected Scott Bessent and Howard Lutnick for key economic roles, signaling a pro-crypto stance within the incoming administration.
Bitcoin is up 126% since January
Bitcoin has more than doubled its value in 2024, with a remarkable 126% increase since the start of the year, when it was trading at approximately $44,000.
This growth has also pushed Bitcoin’s market capitalization to an unprecedented $2 trillion, reinforcing its position as a major asset in global financial markets.
A History of Bitcoin’s Bull Runs
While the 2024 rally is monumental, it isn’t Bitcoin’s most explosive year. In 2017, Bitcoin’s price surged by an astounding 1,900%, climbing from $1,000 in January to $20,000 by December.
Similarly, the cryptocurrency witnessed a meteoric rise of 1,250% from $5,100 in March 2020—following the onset of the COVID-19 pandemic—to $69,000 in November 2021.
As Bitcoin continues to rewrite its history, its $100,000 milestone underscores the growing acceptance of cryptocurrencies as a legitimate financial asset, with new opportunities and challenges awaiting the market in the months ahead.
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