Bitcoin is to the moon surpassing the historic threshold of $103,000 and marking a turning point in the cryptocurrency market. Political changes at the SEC and global statements fuel the rally, pushing the entire sector towards new all-time highs.
Let’s see all the details in this article.
Bitcoin with six figures: a psychological and financial milestone that pushes the crypto ‘to the moon’
Bitcoin reached a new all-time high of $103,630 in early Asian trading on December 5, according to TradingView data on Binance.
The asset has recorded an impressive growth of 7% in the last 12 hours, starting from an intraday low of about $95,000.
This extraordinary performance has led Bitcoin to an annual gain of 140%, surpassing most traditional assets.
With this recent surge, the market capitalization of the cryptocurrency has surpassed 2 trillion dollars for the first time, confirming itself as an increasingly significant financial pillar.
The analyst Miles Deutscher highlighted that the daily close above $100,000 could pave the way for consolidation between $100,000 and $105,000, with a potential move towards $120,000 in the coming days.
Even Anthony Pompliano, one of the main supporters of Bitcoin, has described the $100,000 as a psychological milestone, stating:
“Every boomer will wake up tomorrow reading the headlines in the newspapers and will buy Bitcoin, in case they were wrong. Welcome to the next phase of the game.”
The changes in the SEC and the new global statements
The rally was partly fueled by the news of the appointment of Paul Atkins as the new chairman of the SEC by president-elect Donald Trump.
This choice marks a significant shift compared to the management of Gary Gensler, who had taken a hard line towards criptovalute.
Trump has indeed declared his intention to end the “war” against cryptocurrencies, promising a more favorable approach for the sector.
At the same time, Russian President Vladimir Putin reiterated the impossibility of banning the use of Bitcoin and other cryptocurrencies during an economic forum in Moscow.
These statements have strengthened the positive sentiment among investors, consolidating the idea of a more open and welcoming future for the crypto market.
Despite the bull trend, some doubts remain about the future performance of Bitcoin. The transfer of 24,052 BTC, worth approximately 2.43 billion dollars, from a wallet associated with Mt. Gox to a new wallet has raised concerns among investors.
Movements of this magnitude could influence the market in the short term, creating volatility.
Crypto market at all-time high
The recent surge of Bitcoin has had a driving effect on the entire cryptocurrency market. The overall capitalization has reached an all-time high of 3.87 trillion dollars, a level never seen before.
Ethereum (ETH) has recorded a remarkable progress, nearing $4,000, while other cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), Polkadot (DOT), Bitcoin Cash (BCH), and Sui (SUI) have shown significant gains.
In other words, the rise of Bitcoin beyond $103,000 represents not only a financial milestone but also a symbolic moment for the entire bull sector of cryptocurrencies.
With institutional and political interest growing, the path towards greater global adoption seems increasingly clear.
However, investors will need to closely monitor future regulatory developments and large volume movements to avoid possible setbacks.