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In summary
- Bitcoin broke $100,000, reaching a high of $103,000 driven by a continued bull market.
- Stacks (STX) and The Sandbox (SAND) led the altcoins, rising 15% and 14% respectively.
- Ethereum Classic (ETC) and Bitcoin SV (BSV) surged, hitting highs not seen since the beginning of the year.
This year’s Cryptocurrency market bull run continues to post impressive gains following Bitcoin’s significant rally overnight on Wednesday.
Bitcoin surpassed the highly valued and coveted $100,000 at 9:45 pm ET, breaking that level to sit just above $103,000, according to data from CoinGecko.
Over the past 24 hours, Bitcoin’s native Layer 2 token Stacks (STX) saw the biggest boost, rising 15% to $3, while The Sandbox (SAND) came in second, up 14%. % up to $0.87.
Fueled by market fervor, the rally also saw a resurgence in veteran altcoins affiliated with Ethereum and Bitcoin.
Ethereum Classic (ETC) and Bitcoin SV (BSV) have extended their rally, reaching levels not seen since March and April, respectively. ETC is up 17% this week to $37, while BSV has gained 18%, reaching $84.30.
Given the historic milestone, investors are now wondering how far the rally will go before President-elect Donald Trump returns to the White House on January 20.
However, market analysts say the rally is only just heating up.
“If we look at previous market cycles, it still looks like we are reasonably early in this bull market,” Josh Gilbert, market analyst at eToro, told Decrypt.
Although Gilbert cautioned market participants to watch out for “profit taking” along the way, encouraging them to keep in mind that assets rarely go up in a straight line “forever.”
“Bitcoin crashes are common, but it looks like it will take something big to stop Bitcoin right now.”
Others, like Pav Hundal, principal analyst at Swyftx, agree.
“The market is still showing a lot of buying activity,” Hundal told Decrypt. “Cryptocurrency exchange volumes hit new highs in November and order flows continue to push higher. This is a direct momentum rally.”
Wednesday’s rally follows Trump’s selection of Paul Atkins, former commissioner of the Securities and Exchange Commission, to lead the regulatory agency as its next Chairman.
“Cryptocurrency users will be enjoying the fact that Bitcoin surpassed $100,000 following Atkins’ nomination for Gary Gensler’s position as SEC Chairman,” Hunal added. “It couldn’t have been written better.”
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