As a seasoned analyst with over two decades of experience in the finance industry, I have witnessed the ebb and flow of markets like a sailor navigating through stormy seas. However, the current surge of Bitcoin past the $100,000 mark is unlike anything I’ve ever seen before.
A significant event for cryptocurrency enthusiasts occurred when Bitcoin‘s price broke through the much-anticipated barrier of $100,000, reaching an unprecedented peak of $103,900 on December 5. Currently, Bitcoin is being traded at $102,530, marking a 6.2% increase in its value over the past day.
The recent historic rally in our market has seen a significant increase in daily trading volume, which now stands at $117.5 billion, up by 70%. Moreover, the crypto fear and greed index indicates an “extreme greed” level of 84, suggesting that investor excitement is currently running high.
On Thursdays, Bitcoin’s market value saw a significant spike, surpassing the $2 trillion milestone, a significant achievement in its role as the global leader among cryptocurrencies. This rise occurred following the April halving event, which reduced miners’ rewards and created conditions for increased scarcity and bullish sentiment.
Pro-Crypto Developments
2024 has witnessed notable political and institutional advancements concerning Bitcoin (BTC). Following his presidential victory in November, Donald Trump has chosen Paul Atkins, a well-known crypto supporter, to head the Securities and Exchange Commission (SEC). If confirmed as Gary Gensler’s replacement, Atkins may signal a shift away from regulatory obstacles that some believe have hindered the cryptocurrency market under the current government.
Furthermore, Trump’s selection of Scott Bessent, a prominent hedge fund manager, and Howard Lutnick, CEO of Cantor Fitzgerald, for crucial financial positions is seen as a significant shift towards creating a pro-cryptocurrency government in the United States.
2024 saw an unprecedented surge in institutional interest towards Bitcoin, largely fueled by the Securities and Exchange Commission’s (SEC) approval of Bitcoin Spot Exchange-Traded Funds (ETFs) earlier in the year. Following their launch, these funds attracted a total net inflow of $32.29 billion. According to SoSoValue’s data, on December 4 alone, spot Bitcoin ETFs recorded a cumulative net inflow of $556.82 million.
Regarding its financial transactions, Bitcoin’s price fluctuations seem to mirror those of the S&P 500, fueling discussions about categorizing it as a highly-leveraged tech stock. Yet, analysts at Santiment suggest that if Bitcoin were to detach from equities, this could indicate an even stronger bullish trend for the digital currency. They pointed out that historically, cryptocurrencies tend to thrive more when they are less dependent on global stock markets.
Altcoin Trading Front
Although Bitcoin’s prominence has been notable, digital currencies such as Ether, XRP, BNB, and Solana are steadily gaining ground. Notably, Ether has demonstrated impressive growth, recording a 4.3% increase in the past day. The altcoin sector experienced a temporary setback when traders shifted their investments towards Bitcoin to exploit the $100K target.
Due to Bitcoin’s impressive 150% increase compared to the previous year, optimistic investors are now aiming for a fresh goal of approximately $150,000.
Read More
- ZK PREDICTION. ZK cryptocurrency
- ARB PREDICTION. ARB cryptocurrency
- W PREDICTION. W cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- BNB Price Retraces: Altcoin Giant Trims Recent Gains, Can It Recover?
- Who Is Kelly Reilly’s Husband? Kyle Baugher’s Job & Relationship History
- FLOKI PREDICTION. FLOKI cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- Black Ops 6 needs to add this key feature to curb-stomp cheating
2024-12-05 11:03