The long-awaited moment for the crypto community has finally arrived, as Bitcoin has crossed the $100K mark and is currently quoted at $101,000.
$100K.
11 years later.@IsaacMiller pic.twitter.com/ADMRsMAcht— Coinbase 🛡️ (@coinbase) December 5, 2024
Bitcoin at 100 K
At the time of writing, Bitcoin’s 24-hour trading volume has surged by 30.62%, reaching $89.6 billion. Meanwhile, its market cap has increased by 5.31%, hitting a staggering $2 trillion—a much-anticipated achievement. As the seventh most valuable asset globally, Bitcoin could surpass Alphabet (Google), which holds a market cap of $2.144 trillion, if this surge continues.
Technical indicators show mixed but optimistic signals. The Relative Strength Index (RSI 14) stands at 70, indicating a ‘Neutral’ trend. Meanwhile, the Simple Moving Average (SMA 10) is at $96,640, signaling a ‘Buy’ action. These indicators suggest the market is near overbought but still neutral, and that a buying opportunity exists based on recent price trends.
What drove Bitcoin to 100k ?
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Following President-elect Donald Trump’s confirmation of Paul Atkins as the 34th Chair of the U.S. SEC, the crypto community has widely hailed the decision. This positive sentiment has contributed to the ongoing crypto market rally, with Bitcoin rising more than 4% just hours after the announcement. Another factor fueling the surge is the political situation in South Korea, which led to panic buying among its citizens. Thus, BTC reaching 100K was an imminent occurrence.
Bitcoin’s rise to $100K comes at an interesting time, especially as Bitcoin ETFs experienced significant outflows yesterday. As of November 29, U.S. spot Bitcoin ETFs saw an outflow of $14.89 million.
The past two days have certainly been eventful, with the crypto community celebrating consecutive good news: BTC reaching $100K and Paul Atkins being appointed as the new SEC Chair!
Also Read: Bitcoin Will Have $280T Marketcap by 2045: Michael Saylor
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