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In summary
- Bitcoin hit a new all-time high of $103,000, driven by institutional interest and favorable regulations in the US.
- With a capitalization of more than $2 trillion, Bitcoin is now the seventh largest asset in the world, close behind Alphabet.
- Analysts predict consolidation around $100,000 by the end of the year, although a significant correction is anticipated in the short term.
Bitcoin continues to dominate the Cryptocurrency market, maintaining a 56% market share as global capitalization reaches $3.8 trillion.
The market rally, driven by institutional interest and favorable regulatory developments, was further triggered by Bitcoin crossing the $100,000 milestone for the first time and establishing itself as the flagship digital asset.
Bitcoin (BTC) surpassed the $100,000 mark on Wednesday night, reaching a high of $103,000, according to data from CoinGecko.
The increase represents a 120% increase from its price at the beginning of the year, when it was trading just above $44,000. With a market capitalization of over $2 trillion, Bitcoin now ranks as the seventh largest asset globally, according to Companies Market Cap.
There is now only a narrow margin between Bitcoin and the $2.1 trillion market capitalization of Alphabet, Google’s parent company. The rest of the list consists of Amazon, Microsoft, Nvidia, Apple and Gold.
“Bitcoin’s breakout of the $100,000 mark is supported by high volumes and superficial post-election corrections,” Aurelie Barthere, Principal Research Analyst at Nansen, told Decrypt. “December’s positive seasonality should prevent significant corrections for now, with buyers outperforming sellers in a ‘buy the dips’ mentality.”
The rally coincides with growing optimism around regulatory changes in the United States, particularly the nomination of pro-crypto ecosystem Paul Atkins as the next chairman of the Securities and Exchange Commission (SEC) by President-elect Donald Trump.
“We point this out as one of the expected positive news for the crypto ecosystem,” Barthere added.
Bitcoin’s dominance of 56% underscores its continued market leadership, even as memecoins experience significant gains. Dogecoin (DOGE) led the blue chip memecoin rally with a 6.7% jump to $0.44.
Pepe coin (PEPE) and Shiba Inu (SHIB) also rose, with gains of 4.7% and 4.5%, respectively, according to data from CoinGecko.
Arthur Azizov, CEO of B2BINPAY, attributed the dominance to Bitcoin’s leading role in driving market momentum.
“Donald Trump’s announcement of crypto-friendly Paul Atkins as SEC Chairman allowed Bitcoin to finally break the psychological barrier of $100,000, setting a new all-time high (ATH) above $104,000,” he said. Azizov to Decrypt. “Since November 5, its value has risen an impressive 54%, a remarkable performance by any standard.”
Institutional investors have played a key role in driving up the price of Bitcoin, with ETFs recording more than $1 billion in inflows in recent weeks. BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed $50 billion in assets under management, reaching the milestone more than five times faster than any other ETF in history.
Azizov added that although Bitcoin has not yet seen a significant correction, a pullback is likely.
“Bitcoin has not yet experienced a significant correction. Based on this, it is reasonable to conclude that a pullback is probably imminent—it is just a matter of time,” Azizov said. “By the end of the year, I think the price of Bitcoin will consolidate around $100,000 before retreating to five-digit levels.”
Edited by Stacy Elliott.
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