Bitcoin has shattered previous records, surging beyond $100,000 as market momentum accelerates.
In early trading on Thursday, Dec. 5, Bitcoin hit a peak of $103,630 on Binance, according to TradingView. This marked a significant 7% gain in just 12 hours, climbing from an intraday low of approximately $95,000.
Bitcoin Crosses Historic Milestone
The leading cryptocurrency has gained an impressive 140% year to date, outpacing traditional assets. With this latest surge, Bitcoin’s market capitalization has crossed the $2 trillion mark for the first time.
Market analyst Miles Deutscher remarked, “An ideal scenario for Bitcoin would be a daily close above $100K, followed by consolidation between $100K and $105K before targeting $120K.”
The rally comes amid news that President-elect Donald Trump has tapped Paul Atkins to replace outgoing SEC Chair Gary Gensler. Trump’s administration has pledged to end what many consider a crackdown on crypto led by Gensler. Meanwhile, Russian President Vladimir Putin emphasized that no one could ban Bitcoin and other digital currencies during a recent economic forum in Moscow, as reported by Bloomberg.
Crypto Market Hits New High
Following Bitcoin’s surge, the total cryptocurrency market cap reached a historic $3.87 trillion. Ethereum also rallied, hitting $3,924 as it eyes the $4,000 level.
Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw notable gains, alongside Polkadot (DOT), Bitcoin Cash (BCH), and Sui (SUI).
Despite Bitcoin’s ascent, concerns linger as a Mt. Gox wallet reportedly moved 24,052 BTC worth $2.43 billion after the price broke $100,000, raising questions about potential market impacts.
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