Bitcoin reaches an all-time high as it rises to above $100,000 for the first time. This historical occurrence is a watershed moment not only for cryptocurrencies themselves but for the detractors, too. Investors are eager for the appearance of a pro-crypto U.S. executive to resolve the status of digital assets in the emerging financial economy. The boom, followed by the pro-crypto appointment of Paul Atkins to the SEC, drove Bitcoin to its all-time high of $103,619 (6% up day-to-day).
Bitcoin reaches an all-time high, while the market capitalization of the entire cryptocurrency rises by almost a factor of 2 to a new peak level of $3.8 trillion. This expansion is greater than the market value of tech companies such as Apple. In this digital money, this medium moves from a niche asset to a mainstream asset for investment. The journey of cryptocurrency from the fringe to Wall Street has produced wealth and generated a new asset class and news media frenzy about internalized finance.
Bitcoin reaches all time-high after US presidential elections
Bitcoin achieved all-time high prices after a more than two-fold price increase in 2020, because of post-U.S. presidential election results. Pro-crypto regulatory approaches and a supportive regulatory environment have created a sense of trust amongst investors.
Experts (e.g., Mike Novogratz) have called it revolutions. Institutionalization, tokenization progress, and so on as a dense regulation space are taking the crypto industry to the mainstream.
The pro-crypto stance of future President-elect Trump and Atkins’ appointment to the US Security and Exchange Commission are both indicative of a good future for cryptocurrencies. Now, investors flock to crypto assets. The involvement of institutional capital in bitcoin ETFs has been one of the key contributing factors to the present boom.
Bitcoin Becomes Increasingly Financialized
The launch of bitcoin futures and puts validates its entry into mainstream finance. Especially MicroStrategy, Mara Holdings, and Coinbase have been remarkably successful selling in the midst of Bitcoin’s bullishness.
Bitcoin gets past the 100,000 USD barrier by showing its strength. Even if there are issues and controversy, the creation of Bitcoin, which proven to have survived market swings. The experts predict a bright future for digital assets. As the popularity and acceptance of cryptocurrencies continue to grow, there is a promising future.