For the first time, Bitcoin’s price has exceeded $100,000, propelling its market capitalization to an unprecedented $2 trillion. This landmark achievement follows a series of record-breaking all-time highs over recent weeks, driven by strong market momentum and post-U.S. presidential election optimism.
Election Boosts Bitcoin’s Momentum
Donald Trump’s election victory, along with his pro-cryptocurrency stance, significantly contributed to Bitcoin’s surge. Since his win in early November, Bitcoin’s value has soared by over 30%, starting at $93,400 on November 13.
The upward trend continued with Bitcoin reaching $93,900 on November 19 and $94,300 on November 20. By November 21, Bitcoin surged to $98,200 but later retraced to $97,000, remaining just 3% shy of the $100,000 milestone. Despite another attempt at $99,600 on November 22, Bitcoin dipped to $90,700 by November 26.
By November 29, Bitcoin reclaimed $98,000 but struggled to maintain momentum due to a surge in leverage reaching new highs. The cryptocurrency traded sideways between $93,000 and $97,250 in the following days before reclaiming $99,000 on December 3.
Bitcoin finally breached the six-figure mark during Asian trading hours on December 4, taking only three hours to surpass $100,000. As of press time, Bitcoin trades at $101,450, reflecting a 6.64% increase over the past 24 hours.
Bitcoin’s Journey Through the Years
Early Beginnings and Price Evolution
Since its inception in 2009, Bitcoin has experienced remarkable growth. Initially holding little value, Bitcoin’s first recorded price in 2010 was under $0.10. By 2011, it reached $1 and briefly crossed $30 in June of the same year. However, this early rally was followed by a sharp decline to $2 by the end of 2011.
2012-2013: Halving Sparks Major Rally
In November 2012, Bitcoin’s first halving event halved block rewards, initiating its first significant price surge. By late 2013, Bitcoin achieved $1,000, signaling a major rally. Following years of volatility saw prices drop to $200 in 2015 before gradually stabilizing and recovering.
2017: A Breakthrough Year
The year 2017 marked a turning point for Bitcoin. Starting at approximately $1,000, its value skyrocketed to nearly $20,000 by December, gaining widespread attention. However, the following year brought a “crypto winter,” with prices falling to around $3,700 by December 2018.
2019-2020: Recovery Amid Challenges
Bitcoin began recovering in 2019, and despite a pandemic-induced crash in March 2020, it closed the year near $29,000. The bullish momentum continued in 2021, with Bitcoin reaching new peaks of $64,895 in April and $69,000 in November. However, market instability in 2022 caused a downturn before recovery resumed in 2023, with Bitcoin ending the year above $40,000.
2024: Breaking New Records
The $100,000 milestone in 2024 signifies a pivotal moment for Bitcoin and the broader crypto market. This achievement reflects growing institutional adoption, heightened investor confidence, and supportive Bitcoin reserve legislation. Surpassing $100,000 cements Bitcoin’s role in global finance, showcasing its increasing acceptance among institutions and individual investors alike.
Bitcoin’s ascent continues to shape the future of decentralized finance, solidifying its status as a cornerstone in the digital economy.
The post Bitcoin hits historic $100,000 price level as 1,000 sats now equal $1 appeared first on CryptoSlate.
