FameEX Hot Topics | Bitcoin Price Surpasses $100K for the First Time in History

Bitcoin has achieved a significant milestone by reaching $100,000 for the first time in history, reflecting a 126% increase since January. This surge in price can be attributed to several key factors, including the demand for Bitcoin ETFs, the fourth halving event in April, and the political landscape surrounding the U.S. presidential election. The cryptocurrency market has experienced substantial growth throughout the year, making this price breakthrough a noteworthy event for Bitcoin enthusiasts and investors alike.

On December 5, Bitcoin hit the $100,000 mark, breaking a major psychological barrier. This achievement came just weeks after surpassing $90,000 on November 12, according to data from TradingView. The year has also seen over $31 billion in net inflows from spot Bitcoin exchange-traded funds (ETFs) in the United States. Additionally, Bitcoin’s supply has tightened following its halving event, further fueling its price rally.

One of the significant catalysts for Bitcoin’s surge has been the election of Republican Donald Trump as the U.S. president. Trump’s victory has led to growing speculation around the potential creation of a national Bitcoin reserve, as well as increased corporate adoption of Bitcoin, led by figures such as Michael Saylor of MicroStrategy. These developments have sparked renewed interest in Bitcoin as both an investment and a store of value.

In another pro-Bitcoin move, Trump nominated Paul Atkins, a known crypto advocate, to replace Gary Gensler as the chair of the Securities and Exchange Commission (SEC). This nomination could alleviate some of the regulatory hurdles that have hampered the cryptocurrency industry during the Biden administration, signaling a more favorable regulatory environment for digital assets.

However, Bitcoin’s 2024 rally, while impressive, is not its most dramatic. The cryptocurrency previously experienced a 1,900% surge in 2017, jumping from $1,000 in January to $20,000 in December. Another notable rally took place in 2020-2021, when Bitcoin rose 1,250% from $5,100 to $69,000 amidst the COVID-19 pandemic.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.