Bitcoin, the world’s first cryptocurrency, rose to a record high in the early hours of Thursday as more institutional investors jumped on cryptocurrency rising trends after Donald Trump was declared president-elect.
The world’s most dominant cryptocurrency broke the $100,000 resistance level to set an all-time high of $103,670 during the Asian trading session.
Created 15 years ago, the market capitalisation of the digit asset is now $2 trillion after a spectacular 7.2% increase in value.
According to experts, this represents a unique feat and a much-anticipated turning point for digital currencies and their enthusiasts worldwide.
But as the day went on, traders’ profit-taking caused a minor drop, with Bitcoin falling to about $102,500 in the afternoon Asian time.
This noticeable surge was believed to be as result of several factors such as improved sentiment from the whales, rising ETF inflows, higher institutional demand, and excitement surrounding Donald Trump’s prospective pro-crypto U.S. administration, which has promised to make the country the polestar for bitcoin activity.
According to some analysts such as Ki Young Ju of CryptoQuant who had earlier said in the past week that he remained bullish on Bitcoin during its incessant bearish itinerary, he anticipates further upward momentum as positive sentiments from market participants’s continue to climb, even as bitcoin’s consistent rise and prevalence have cemented its status as a top crypto asset and a major adjuvant for financial innovation worldwide.
Jeff Mei, COO of BTSE added “Bitcoin’s recent surge past the $100,000 mark is not just a milestone; it represents a pivotal moment for the cryptocurrency industry. The confidence is spurred by an increasingly favorable regulatory environment in the U.S., particularly with the appointment of Paul Atkins to chair the SEC. This is likely to drive further institutional investment in the sector, giving Bitcoin more credibility and leading to a new wave of adoption.”