- Bitcoin the largest cryptocurrency by market cap, has shattered records by surpassing $108,000 for the first time in its 15-year history.
- Political shifts, including pro-crypto policies from the incoming Trump administration, have further bolstered confidence, with analysts projecting Bitcoin could reach $120,000 by year-end and $200,000
The price of Bitcoin, the king of crypto has made history yet again, surging past $108,000 for the first time in its 15-year existence. The leading cryptocurrency reached an astonishing $108,268.44, marking a 1.5% increase in just 24 hours. This historic achievement is part of a steady upward trajectory for Bitcoin, cementing its position as a dominant force in the global financial landscape.
Bitcoin’s Steady Surge
Earlier this week, Bitcoin crossed the $107,000 mark, surpassing previous milestones with ease. The cryptocurrency’s performance over the past year has been nothing short of remarkable. From a 52-week low of $38,521.89, Bitcoin has demonstrated resilience and a strong bullish trend, fueled by increasing demand and market optimism.
Market pundits attribute this surge to Bitcoin entering a price discovery phase. This phenomenon, characterized by uncertainty and speculation, has led to optimistic predictions.
Notably, many analysts foresee Bitcoin reaching $120,000 by year-end, with projections as high as $200,000 during the ongoing bull run. The Fear of Missing Out (FOMO) effect appears to be amplifying the rally, attracting a new wave of investors.
In the same vein, the incoming Trump administration is widely regarded as more favorable toward cryptocurrencies compared to the Biden White House. This shift in political climate is believed to be a key driver of Bitcoin’s meteoric rise. As we have reported, President-elect Trump has proposed the creation of a national Bitcoin reserve, akin to the strategic oil reserve, signaling strong support for digital assets.
Adding to the optimism, Trump has named Silicon Valley entrepreneur David Sacks as his AI and cryptocurrency advisor. Sacks, a former PayPal executive and close associate of Elon Musk, is expected to foster innovation and adoption within the crypto space.
Additionally, Trump’s plan to nominate pro-crypto attorney Paul Atkins as the new head of the Securities and Exchange Commission (SEC) is seen as a potential game-changer for regulatory clarity. The departure of current SEC Chair Gary Gensler, who faced criticism for his legal actions against crypto firms, aligns with these anticipated reforms.
Market Outlook and Investor Sentiment
The combination of Bitcoin’s price surge and a supportive political environment has created a perfect storm for the cryptocurrency market. “The Bitcoin rally since the election has been parabolic, and the FOMO rally is gathering momentum,” noted Peter McGuire of XM.com. Predictions of $150,000 by mid-2025 reflect the growing confidence among investors.
As Bitcoin continues to break records, the focus remains on how it will navigate this unprecedented growth. Will it sustain its momentum and reach the lofty heights of $200,000? For now, the cryptocurrency’s historic climb is a testament to its enduring appeal and transformative potential in the global financial ecosystem.
Meanwhile, at the time of press, Bitcoin is swapping hands with $106,503.50 after a 0.25% decline in the past 24 hours.
