Bitcoin Surges To $100k, Makes New All-Time High

Bitcoin surged to a new all-time high and hit $100,000 last night, marking a new milestone for the world’s largest cryptocurrency.

Bitcoin first hit and then surpassed a price of $100,000 before rocketing to a new high of roughly $103,500, with the move making it the asset with the seventh highest market capitalization in the world.

The cryptocurrency now sits at a $2 trillion market capitalization, higher than the market capitalization of silver at just under $1.8 trillion, but still well below gold’s market capitalization of about $17.7 trillion, the highest of any asset in the world.

Cryptocurrency enthusiasts celebrated the new milestone for Bitcoin online, with some investors taking to X to speculate about the future of the asset. Cathie Wood, the CEO of Ark Investment Management, celebrated the move, but said that Bitcoin is “still in its early innings.”

Today, Fed Chair Powell described bitcoin as a virtual, digital version of gold. At $2,700, gold is a ~$15 trillion market, compared to bitcoin at only ~$2 trillion. Even after breaking through $100,000, bitcoin still is in early innings.

— Cathie Wood (@CathieDWood) December 5, 2024

Wood has laid out various different price targets for the asset by 2030, ranging from a base case of about $650,000 to a bull case of $1.5 million, citing expected regulatory relief coming from the Trump administration as a bullish catalyst.

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JUST IN: ARK Invest CEO Cathie Wood predicts #Bitcoin to hit $1.5 million by 2030, in a bull case scenario ???? pic.twitter.com/CDI1V9J0nA

— Bitcoin Magazine (@BitcoinMagazine) November 15, 2024

President-elect Donald Trump took to Truth Social to celebrate the crypto currency’s meteoric rise in a post of his own. “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together we will Make America Great Again!” his post reads.

JUST IN: ???????? PRESIDENT TRUMP SAYS, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME.” pic.twitter.com/UoZWLe795g

— Bitcoin Magazine (@BitcoinMagazine) December 5, 2024

Bitcoin has surged nearly 130 percent since January 1st, 2024, when it sat at just over $44,000. It now accounts for about 56 percent of the market cap of the entire cryptocurrency market, with other cryptocurrencies also rapidly appreciating in recent weeks.

The asset has enjoyed rapid growth since Trump’s victory on November 5th, when it sat below $70,000.

Ethereum, the second largest cryptocurrency, appreciated by nearly 60 percent in the last month and shot up to more than $3,900. Solana, one of the largest cryptocurrencies, rallied roughly 285 percent in the last 12 months before reaching a new all-time high of $256 on the heels of the Trump victory.

The market cap of all cryptocurrencies combined excluding Bitcoin and Ethereum also surged to a new all-time high of just over $1 trillion.