The crypto market has been moving ahead slowly and steadily for the past few months. The constant up and up towards making new records brings hope for crypto enthusiasts. After hitting the $100k mark, the latest achievement was made today.
Well, the Bitcoin extended its weekend rally, hitting a new all-time high above $107,700. A moment of victory for all crypto enthusiasts and investors! Let’s have a detailed look at what pushed the not so volatile crypto market to reach such new heights!
Bitcoin hits $106k: A stabilised year ahead
In the last 24 hours, Bitcoin has surged to an unprecedented high of $106,554, marking a significant milestone. At the time of writing on December 17, Bitcoin was trading at $106,913.89. This was an increase of 2.20 per cent from the previous day. Its market capitalisation was also up to $2.11 trillion, a 1.81 per cent increase over the previous day. But what could be the reasons for it? Some speculations suggest that it is driven by the return of the Coinbase Premium during the US session and rising spot volumes, signaling robust buying activity.
One of the main reasons could be attributed to recent comments from the U.S. President-elect Donald Trump. Trump had confirmed plans to explore Bitcoin as a potential reserve asset for the United States. The announcement sparked optimism and interest in the market. Reportedly, this has contributed to a nearly 5.56% increase over the past week.
Another reason could be the inclusion of MicroStrategy Inc. in the Nasdaq 100 pushed the digital token. On December 16, MicroStrategy Inc. said that it bought another $1.5 billion of Bitcoin in the past week. This could have played an important role in gaining the confidence of investors in keeping their slightly shaken faith back in crypto and such digital assets. Also a few days back on December 6, Trump nominated pro-crypto Paul Atkins to run the Securities and Exchange Commission. This could also contribute to market stabilization.
Crypto investors here’s your time!
Looking ahead, Donald Trump and Bitcoin, looks like to be the two names that turn heads. Now both coming together has the potential to signal the rapid mainstreaming of digital assets. “Trumps confirmation of Bitcoin reserve plans is a strong endorsement of crypto’s potential, sparking debates about its role in reshaping global finance,” Anish Jain, Founder, WadzChain Network
“With a market capitalization exceeding $2 trillion, Bitcoin is poised to play a pivotal role in the future of finance,” Shivam Thakral, CEO, BuyUcoin, said.
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