An “epic milestone” is what Bitcoin reached, with an all time high of $100,100. The currency peaked at $103,000 on Thursday.

With president-elect Donald Trump promising to make the US “the crypto capital of the planet”, the digital currency is up more than 130 per cent so far this year. However, that indicates a shifted stance as during his first term, Trump referred to cryptocurrencies as “scam”.

He has also promised the country – a crypto advisory council for which several crypto companies, including Ripple, Kraken, and Circle are vying for a seat.

Anthony Pompliano, CEO of Professional Capital Management and crypto enthusiast posted on X, “There are so many people around the world who did their homework, they thought independently and critically, and they bought this thing that no one had ever heard of before.”

Since Trump’s win, Bitcoin has seen stunning growth and is now placed among the top performing assets of 2024 and as the crowning glory, the president-elect has decided to nominate a cryptocurrency advocate as the country’s SEC chair. On Wednesday, he said he would nominate Paul Atkins to run the Securities and Exchange Commission, who has been involved in crypto policy as co-chair of the Token Alliance.

Dan Held, a notable crypto investor said that Bitcoin surpassing $100,00 does not just represent a price, it shows that the world is gradually accepting Bitcoin as a future reserve currency. He added that this turning point represents “financial freedom”.

“We’re witnessing a paradigm shift. Bitcoin and the entire digital asset ecosystem are on the verge of mainstream financial acceptance,” Mike Novogratz, CEO of US-based crypto firm Galaxy Digital, told Reuters.

Experts embrace this change as a positive step and the conviction gets stronger with Trump’s personal interest in crypto. In September, he launched World Liberty Financial with his three sons.

Although the rise of crypto bodes well, it is interesting to recall Sam Bankman-Fried, his jailing and subsequent damage to the sector’s reputation and bear in mind crypto’s notorious market volatility and the industry’s energy consumption.

Steven McClurg, founder of Canary Capital, told Reuters, “Investors may look to take profits after this milestone, which could lead to short-term dips. However, once these sell orders are cleared, bitcoin could rise even further, possibly hitting $120,000 by Christmas.”
 

Cryptocurrency Bitcoin is witnessing a boom and the coin managed to gain 2.19 per cent and traded at $30,543.48 on Monday. The value of the largest cryptocurrency by circulation went up by over 9.5 per cent in the past seven days and is nearing the $31,000 mark now.

Bitcoin price witnessed sluggish growth and lost significant value in the crypto crashes in recent years. Bitcoin managed to attain an all-time high of $68,789.63 on November 10, 2021, before it started dropping in value. The tables have turned now owing to the recent surge rally in the crypto domain.

At the time of writing, Bitcoin held a market capitalization of $596.19 billion, up by 2.2 per cent, according to CoinMarketCap statistics. In addition, the 24-hour trade volume saw a substantial hike of 22.5 per cent and was recorded at $16.14 billion. In the past month, the cryptocurrency behemoth gained 14.91 per cent in value.

October has proven to be a lucky month for Bitcoin, aka BTC, and the entire crypto market. In October, Bitcoin price shot up by about 12.7 per cent.

The recent Bitcoin surge can be attributed to several key factors. At first, the market for crypto rallied on October 21 and led to the liquidation of about $64 million in short positions in the span of 24 hours. This liquidation, including a staggering figure of $2.53 million on the crypto trading app Binance forced short-sellers to cover their positions, thereby adding to the Bitcoin demand.

In addition, US Federal Reserve Chair Jerome Powell’s hints of possible suspension of interest rate hikes may have also had an immediate effect on Bitcoin price.

According to a report by Coinpedia, on October 19, Bitcoin surged by about 3.7 per cent after Powell’s remarks.

Apart from the above mentioned factors, the crypto market sentiment was further boosted by a drop in charges against Ripple executives in the XRP vs SEC lawsuit. The XRP price rose over 8 per cent on Thursday and likely affected Bitcoin’s price as well, considering that cryptocurrency is an integrated market.