Bitcoin crosses $100k threshold for the first time since launch

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.