Bitcoin (BTC), the top cryptocurrency on the market by market capitalization, has officially crossed the $100,000 price target. The king coin has boomed to the biggest levels it has ever seen in record time, surging over 37% in the past month. Since the outcome of the US election, Bitcoinâs fallout has been upwards, with bulls grabbing hold of BTC and pushing it to new highs.
Also Read: Litecoin Hits $130 After 3 Years: What Will LTC Be Worth in 4 Years?
Source: Coingecko
Bitcoin received a boost over the last two days after announcements made by the Securities and Exchange Commission (SEC). The regulatorâs chairman, Gary Gensler, and commissioner, Jaime LizĂĄrraga both announced they will be stepping down in January. The decisions were music to the ears of crypto enthusiasts, as the SEC has been the communityâs biggest enemy due to its harsh regulation of crypto.
With Gensler and LizĂĄrraga serving as the two most anti-crypto members of the SEC board, the regulatorâs grip on crypto is weakening. This will only benefit crypto companies and investors who have been under SEC scrutiny for years.
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Bitcoin Hits $100k All-Time High Amid Unprecedented November Rally
The cryptocurrencyâs price increase boosted the overall market capitalization to a record $3.4 trillion, with BTC alone contributing over 56% of the total. Other major tokens are also up, with Solanaâs SOL climbing 8% to a fresh high above $260 amid ETF filings and speculative trading. Cardanoâs ADA gained 12%, while XRP led the majors with a 25% spike.
For Bitcoin, its price surging to $100,000 wasnât the only big news of the week. Spot Bitcoin ETFs have also boomed along with the king coinâs price this month. Indeed, US Spot Bitcoin ETFs hit $100 billion in net assets this week amid the cryptoâs unprecedented growth. The rise was led by BlackRockâs IBIT with $600 million and Fidelityâs FBTC with $300 million. No outflows were reported from any of the eleven available ETFs.
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Bitcoin has soared roughly 40% since the presidential election on Nov. 5. Multiple analysts have raised their price predictions for BTC to above $100k after its explosive surge in November. Leading cryptocurrency analyst Ali Charts has predicted that Bitcoin will end 2024 trading at a high of $135,000.
He shared a chart showing BTC is replicating its 2020 performance and will only move higher from here. According to the forecast, BTC could hit $108,000 and drop to the $99,000 level thereafter. After the drop, Bitcoin could straight away skyrocket in the charts and reach a high of $135,000 by 2024âs end.
