Bitcoin breaks through $100,00 for first time ever, market cap hits $2 trillion

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It was the moment everyone had been waiting for. On Wednesday December 4, 2024, Bitcoin hit $100,000 for the first time in history, pushing its market cap to $2 trillion.

As of the latest data from TradingView, Bitcoin is trading at approximately $102,000, reflecting a 3% increase over the past 24 hours. The crypto asset has experienced a remarkable 140% year-to-date gain.

Bitcoin achieved the landmark milestone soon after Fed Chairman Jerome Powell called Bitcoin a competitor to gold and president-elect Donald Trump officially nominated pro-crypto Paul Atkins to chair the Securities and Exchange Commission.

Everything happened in one day and all points the US crypto industry to a major shift in regulation and perception under the incoming Trump administration. Experts believe that Trump’s cabinet appointments will bring a more favorable approach to crypto oversight.

“Bitcoin hitting $100,000 is a major milestone that happened far sooner than many expected,” said Philipp Zentner, founder and CEO of LI.FI. “Even the rosiest of projections saw it happening closer to the end of the year rather than the beginning of December. For sure, the brighter regulatory outlook in the US has played a part here, but one cannot discount the increasing involvement in the space from ever more investors, industries, users, and more.”

Marko Jurina, CEO of Jumper Exchange, commented on the milestone, stating:

“This is a significant moment no matter which way you slice it. It’s a psychological barrier that was only recently thought possible, but seemed almost a certainty after Donald Trump retaking the White House and bringing many pro-crypto allies along with him.”

He added that the upcoming altcoin season could be more significant than any previous one, potentially leading to rapid adoption and development of new projects.

“Anticipation of a more industry-friendly SEC is behind this surge, and that would unlock even vaster amounts of capital that have so far been sitting on the sidelines; as well as enable businesses to more freely operate within the country and offer a wider range of services,” Jurina said.

Accelerating institutional demand

Accelerating institutional demand is pushing Bitcoin’s growth and adoption. The approval of US spot Bitcoin ETFs in January was a game-changer, providing a regulated pathway for institutions to invest in Bitcoin. As of December 3, these ETFs collectively held over 1 million BTC, nearing Satoshi Nakamoto’s estimated holdings.

Over 87% of institutional investors now plan to invest in digital assets in 2024. Major financial institutions are increasingly launching investment products that offer Bitcoin exposure, a move that reflects this growing appetite.

Moreover, corporations in the US are adopting Bitcoin as a treasury reserve asset. This trend, pioneered by MicroStrategy, is gaining traction, with more companies allocating Bitcoin to their treasury management strategies.

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