For the first time in history, the price of Bitcoin has surged past the $100,000 mark, driven by optimism surrounding a potential crypto-friendly regulatory environment under Donald Trump’s incoming presidency.
The flagship cryptocurrency climbed 7.2% in the last 24 hours, reaching a record high of $103,670 and pushing its market capitalization to an unprecedented $2 trillion. This latest milestone marks Bitcoin’s new all-time high (ATH) as it gained momentum, fueled by institutional demand and improved sentiment in traditional financial circles.
However, the price of BTC has since cooled, as investors locked in profits, with the crypto asset currently trading at $102,807, as at the time of writing this report. Several analysts noted that BTC surging past the $100,000 price was inevitable. Although analysis suggests that a temporary sell-off is expected.
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Bitcoin is on track to surge to $120,000 as early as the first quarter of next year. The crypto asset upward trajectory has been nothing short of extraordinary. Doubling from its 2024 low of $38,505, it has soared by 45% in just two weeks, driven by increased institutional inflows, rising ETF adoption, and growing confidence in its role as a hedge against inflation.
In addition to the price rally, Bitcoin’s market dominance reached 56.79%, although it retraced slightly from 60%, reflecting a surge in altcoins. The 24-hour trading volume stands at an impressive $106.7 billion, showcasing robust activity across the network. It is interesting to note that Michael Saylor’s Microstrategy (MSTR), has emerged as one of the biggest winners of the bull run. The company’s stock surged by 10% in overnight trading as Bitcoin hits $100,000. Additionallly, reports reveal that the tremendous surge saw the American-based investment firm Bitcoin position exceed $40 billion for the first time.
Notably, the optimism surrounding Bitcoin has been amplified by expectations of favorable policies under Trump’s administration. During this year’s election campaign, the former US president promised to make to make the U.S. “the crypto capital of the planet” by bringing in friendly regulators and ending the types of tough enforcement actions taken against the sector under President Biden. Investors are betting on reduced regulatory hurdles and increased support for blockchain innovation.
“Trump’s likely pro-crypto stance will accelerate the adoption of digital assets within mainstream financial systems,” said Green, adding that structural changes in the regulatory landscape are already underway.
Also, Trump’s nomination of Paul Atkins, a known crypto advocate, for SEC Chairman has further bolstered market sentiment. Atkins has the backing of industry leaders, with his appointment is seen as a potential game-changer for U.S. crypto regulation.
Atkins served as an SEC commissioner from 2002 to 2008 and is known for his pro-business stance. He is also known as a strong backer of cryptocurrencies, and could help shape key regulations for an industry Trump has avidly courted.
Bullish Projections Market analysts and institutions are now setting ambitious price targets for Bitcoin. Bernstein Research recently revised its 2025 forecast from $150,000 to $200,000, citing increased institutional appetite and growing global demand.
As Bitcoin continues to rewrite financial history, its role as a cornerstone of the global financial system becomes ever more apparent. The road ahead looks promising, with projections suggesting the cryptocurrency could reach $500,000 in the coming years, cementing its position as a revolutionary asset class.