INTERNATIONAL: On December 5, 2024, Bitcoin surged past the $100,000 mark for the first time in its history, marking a major milestone in the cryptocurrency’s ascent.
In a report featured at Mothership, as of Thursday (December 5) morning, the price stood at $101,114 (S$135,689), continuing to climb as the digital currency gains momentum.
Market cap soars to $2 trillion
The recent price surge has propelled Bitcoin’s market capitalization to an impressive $2 trillion (S$2.68 trillion). This rise has had a ripple effect across the broader cryptocurrency market, which now sits at a combined valuation of $3.78 trillion (S$5.07 trillion), further solidifying Bitcoin’s dominance in the digital asset space.
Bitcoin’s incredible year of growth
The latest spike is just the newest chapter in Bitcoin’s remarkable journey. Starting the year at a low of $38,505 (S$51,814) in January, Bitcoin has skyrocketed by 155% year-to-date.
The surge has been especially pronounced in the two weeks following Donald Trump’s victory in the U.S. presidential election, with Bitcoin climbing by around 45%.
Trump’s presidency sparks new hope for crypto
Much of the optimism surrounding Bitcoin’s price can be traced back to expectations that the incoming Trump administration will foster a favourable environment for cryptocurrencies.
The victory of the former president has fuelled hopes that his policies will create a more welcoming regulatory framework for digital assets.
Sources indicate that Trump’s top team has been engaging with cryptocurrency experts and industry leaders to discuss the creation of a new White House role focused on cryptocurrency policy.
This could lead to the appointment of the first-ever “crypto czar,” a position tasked with overseeing cryptocurrency regulation across the federal government.
The promise of a U.S. Bitcoin reserve
Further boosting investor sentiment are reports that Trump may establish a U.S. Bitcoin strategic reserve, a move that aligns with promises made during a Bitcoin conference in July.
At the event, Trump expressed his goal of making the United States the “crypto capital of the planet,” and such a reserve could play a key role in realizing that vision.
As Bitcoin continues to break new records, it remains to be seen how the regulatory landscape will evolve under the upcoming administration, but the future looks brighter than ever for the world’s most well-known cryptocurrency.