or the first time, the most popular cryptocurrency reached an Bitcoin all-time high price of $100,000 this Thursday, which represents a milestone for the
cryptocurrency industry market. The total value of the BTC and the cryptocurrency market overall has doubled during this year, and according to CoinGecko, the market succeeded in hitting a record of $3.8 trillion. Comparative, just the Apple company alone is worth about $3,7 trillion.
After the recent presidential election, when Donald Trump was elected as the U.S. president, the BTC value doubled in value and grew by more than 50% in the last four weeks, due to the fact that his victory brought a wave of pro-crypto lawmakers in Congress.
It’s important to mention that, after Bitcoin managed to break the $100,000 line early Thursday, it grew to $103,000 very fast.
"We're witnessing a paradigm shift. Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream - this momentum is fuelled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.", the founder and CEO of U.S crypto firm Galaxy Digital, Mike Novogratz stated.
Even more so, during his election campaign, Donald Trump adopted some digital assets, in which he promised to transform the United States into the "crypto capital of the planet".
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According to the CEO and Founder of Asymmetric, a digital assets hedge fund, he stated that "We were trading basically sideways for about seven months, then immediately after Nov. 5, U.S. investors resumed buying hand-over-fist,".
Now, the fact that Bitcoin hits all-time high value is remarkable since this cryptocurrency was under $16,000 two years ago due to the collapse of the FTX exchange.
The recent record-breaking price of Bitcoin is due to the growing adoption of the cryptocurrency by various major investors. Also, the approval of the BTC exchange-traded funds in January has a significant part, allowing large-scale purchases and investments, attracting over $4 billion in inflows since the U.S. election.
"Roughly 3% of the total supply of bitcoins that will ever exist have been purchased in 2024 by institutional money. Digital assets, as an asset class, is becoming normalised.If you fast forward a number of years on trading floors you'll have a sales and trading desk...which will sit alongside FX and rates and commodities.", as stated by Geoff Kendrick, the global head of the digital assets research at Standard Chartered.
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