Bitcoin hits $100k and surges above, crossing the most awaited milestone of 2024

Bitcoin surged above the price of $100,000 USD on 5th December (02:33 UTC), and touched $104,000. It was the most awaited milestone for the leading cryptocurrency in this bull cycle.

Bitcoin has increased by 126% from the beginning of 2024 till date. Resisting the pushbacks in between, BTC managed to cross the $100k mark in the final month of 2024, right before President Trump prepares to take office.

Michael Saylor calls for a $100k Bitcoin party

There is going to be a 100K Party. 🚀https://t.co/Vo52KQZRe5

— Michael Saylor⚡️ (@saylor) December 5, 2024

Michael Saylor, the CEO of MicroStrategy Inc., who is among the biggest holders of this bullish asset, celebrated the milestone in a tweet and called for a $100k party.

Peter Schiff, a major skeptic of Bitcoin, replied to Saylor’s tweet, saying “enjoy it while it lasts”. His comment is unsurprisingly followed by trolls in the crypto community, telling him he is not invited to the party with such an attitude.

Bitcoin’s surge before Donald Trump’s election was largely fueled by exchange-traded funds (ETFs) dedicated to Bitcoin. After a long legal battle between one of the fund providers and the US Securities and Exchange Commission, these ETFs started trading in January.

These funds are backed by major players on Wall Street, including BlackRock Inc, Fidelity, and crypto-focused Grayscale Investments. The total assets they manage have now increased to $100 billion, which equates to roughly 5% of all Bitcoin in circulation.

The bull run for Bitcoin may have officially started after Donald Trump won the presidential election, as the asset has increased by 48% since then.

BTC is up by 7.36% in the last 24 hours

The price of BTC has reached $103,250 at the time of this writing, and its market value has reached $2 trillion after reaching the latest milestone. According to a new report by Bloomberg, BTC has become one of the largest investment assets in the world at this level, larger than most public companies except giants like Nvidia, Apple, and Alphabet, the parent company of Google.

The valuation also means that Bitcoin has outstripped the size of government bond markets in countries as large as Spain and Brazil. It is also close to being the same size as the total value of the FTSE 100, which represents the top British companies.

As per Fadi Aboualfa, head of research at Copper Technologies Ltd “Bitcoin reaching $100,000 signals the next phase of the bull run, one that now appears resilient to anything but exogenous shocks”. 

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