For the first time ever, Bitcoin crossed the much-anticipated $100,000 milestone. This development coincides with rising hopes for institutional support, legislation, and more ETF investments.
The crypto community is celebrating this remarkable achievement, marking a new high in Bitcoin’s journey.
Bitcoin’s Climb to $100,000
Reaching $100,000 had always been a highly anticipated level for Bitcoiners. In fact, this level became a reality during a solid bull run that gained momentum after the U.S. elections. Starting the year at $42,000, Bitcoin began its climb upward after the SEC approved Bitcoin ETFs back in March. By November, it reached an all-time high of $102,193.
Several key factors boosted this rise. MicroStrategy purchased $6.6 billion worth of Bitcoin in November, solidifying its position as the largest holder. Marathon Digital also announced plans to expand its Bitcoin portfolio. Meanwhile, whales and long-term holders played a crucial role in maintaining the asset’s momentum.
Historic Year for Bitcoin
2024 has been a historic year for Bitcoin thus far. Financial institutions made record investments when the SEC approved the ETF. ETFs currently own 5% of the entire Bitcoin supply. By the end of the year, Bitcoin’s ascent above $100,000 remain as a turning point in its development and acceptability across the globe.
