Bitcoin, the world’s most valuable cryptocurrency by market capitalisation, reached a threshold of $100,000 on Thursday – the first time in its 15 years history.
The cryptocurrency was launched in January 2009.
Bitcoin reached an all-time high of $103,587 at 5:05am
(GMT+1) on Thursday, after closing at $98,318.24 on Wednesday, according to
CoinMarketCap, a price-tracking website for crypto assets.
However, Bitcoin has settled at $102,635.02 at 9:14am (GMT+1).
The cryptocurrency market capitalisation has also increased
to $3.81 trillion – gaining $477 billion in 24 hours.
A breakdown of the cryptocurrency market capitalisation
showed that Bitcoin account for 52.8 percent, while Ethereum, trading at $3,860
(the second largest cryptocurrency), holds 12.1 percent – with other coins
sharing the remaining 35.1 percent.
The rise in Bitcoin started on November 5 when Donald Trump,
a Republican Party candidate, won the US presidential election, with the digital
asset reaching $75,000 the same day.
On November 10, the cryptocurrency crossed $80,000, two days
later, it reached $89,000, and on November 13, the bitcoin surged past $92,000.
The rally was buoyed by Trump’s signals of support for the
market.
Trump had spurred expectations that his administration will
foster a crypto-friendly regulatory environment.
According to crypto.news, Bitcoin’s price movement has been
supported by Trump’s nomination for Paul Atkins as chairman of the Securities
and Exchange Commission (SEC), bringing a positive sentiment to the market.
Atkins is the co-chair of the Token Alliance, an initiative
of the Chamber of Digital Commerce, which lobbies for the crypto industry.
Also, Charles Hoskinson, founder of Cardano, a
cryptocurrency, projected that Bitcoin price would rise to $250,000 in 2 years.
Hoskinson believes the target price is the lowest target to
achieve, yet the highest target is $500,000.
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