For the first time in history, Bitcoin officially surpassed the $100,000 mark, bringing its market capitalization to $2 trillion. The historic milestone comes after a series of strong price increases in recent weeks, fueled by a wave of market optimism following the US presidential election.
Donald Trump’s election victory, coupled with his pro-crypto policy pledges, provided a huge boost to Bitcoin’s rally. Since his victory in early November, Bitcoin’s price has increased by more than 30%, reaching $93,400 on November 13.
Bitcoin has since set new records: $93,900 on November 19 and $94,300 on November 20. On November 21, Bitcoin jumped to $98,200 before pulling back to around $97,000, just 3% away from $100,000. The next day, it was rejected again at $99,600 and slid to $90,700 on November 26.
By November 29, Bitcoin attempted to reclaim $98,000 again but failed to sustain the momentum amid a leveraged jump to an all-time high (ATH). Over the next few days, the leading cryptocurrency by market capitalization traded in a tight range between $93,000 and $97,250 before finally reclaiming $99,000 late on December 3.
It took Bitcoin three hours from there to decisively break the six-figure mark. At the time of writing, BTC is trading at $102,532, up 6.2% over the past 24 hours.
Bitcoin Price History
Bitcoin’s journey to $100,000 marks a significant milestone since its inception in 2009, with little to no monetary value. The first recorded price of Bitcoin was in 2010, at less than $0.10. By February 2011, Bitcoin hit $1, and in June 2011, it briefly crossed the $30 mark. However, the initial bubble later burst, sending BTC back down to around $2 by the end of 2011.
2012-2013: Halving and the Big Bull Run
In November 2012, Bitcoin experienced its first “halving” event, which saw the reward for mining new blocks cut in half. By the end of 2013, Bitcoin hit $1,000, marking its first major bull run.
The following years saw significant volatility for Bitcoin, including a dip to around $200 in 2015 before stabilizing and growing stronger in 2016.
2017: The Turning Point
2017 was a historic year for Bitcoin as the cryptocurrency made a spectacular breakout. From a starting price of around $1,000, BTC skyrocketed to nearly $20,000 in December, attracting strong attention from the global public.
However, the strong growth was followed by a bear market period that lasted throughout 2018, often referred to as the “crypto winter”, which sent prices plunging to around $3,700 by the end of the year.
2019-2020: Recovery and the impact of the pandemic
Prices began to recover in 2019. Entering 2020, despite the shock of the COVID-19 pandemic that caused prices to plummet in March, Bitcoin quickly regained momentum and closed the year at nearly $29,000. The rally continued to explode in 2021, reaching a new ATH of $64,895 in April and $69,000 in November.
However, 2022 marked a challenging period as the collapse of major crypto companies led to a severe recession.
In 2023, Bitcoin gradually regained its recovery momentum. With positive signals from the market and restored confidence, the digital currency surpassed the $40,000 mark by the end of the year.
2024: Breaking a new record
Bitcoin breaking the psychological barrier of $100,000 in 2024 marked a pivotal moment for the crypto market. This achievement was driven by increased adoption from large institutions, strong confidence from the investor community, and strategic Bitcoin reserve policies of many countries.
Breaking the milestone not only solidifies Bitcoin’s position as a leading asset in the global financial system, but also confirms a clear shift in perception and acceptance from traditional financial institutions.
