Dec 18, 2024 (MENAFN via COMTEX) --
(MENAFN) Bitcoin has surged past the long-awaited $100,000 milestone, reaching a high of $103,844 late on Wednesday and trading at $103,173 on Thursday, up more than 7%. The cryptocurrency's rise, which has seen a 140% increase in 2024, is largely attributed to investor optimism over crypto-friendly policies expected from US President-elect Donald Trump's administration.
Bitcoin's market capitalization has now surpassed $2 trillion, making it the seventh-largest financial asset, ahead of Saudi Aramco and closing in on tech giants Amazon and Google. The total market capitalization of all cryptocurrencies reached approximately $3.8 trillion on Thursday, up more than 131% from the previous year.
The rally coincides with Trump's announcement of plans to nominate Paul Atkins, a crypto advocate, as the new chair of the Securities and Exchange Commission (SEC). Atkins is expected to replace Gary Gensler, known for his tough stance on cryptocurrencies. Trump, once a crypto skeptic, has expressed his intention to make the US the "crypto capital of the planet" and has even used Bitcoin in a public gesture to buy food for supporters.
While many analysts had predicted Bitcoin's rise past the $100,000 mark, some caution that the rally might not continue indefinitely. Shoki Omori of Mizuho Securities noted that while the news of the SEC nomination likely excites investors, there will inevitably be moves to take profits. However, Jeff Mei from BTSE in Hong Kong suggested that Bitcoin could reach even greater heights as more institutions begin to view it as a store of value and invest in Bitcoin ETFs.
MENAFN18122024000045015687ID1109006981
COMTEX_461009107/2604/2024-12-18T21:21:56
