Bitcoin makes history: Closes above $100K for the first time in daily and weekly records

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As a seasoned crypto investor with a decade of experience under my belt, witnessing Bitcoin breach the $100,000 mark is nothing short of exhilarating. I remember buying my first BTC back in 2013 for less than a dollar, and now it’s soaring past six figures! The rapid surge in value can be attributed to a perfect storm of regulatory changes, institutional trust, and even the endorsement from Federal Reserve Chairman Jerome Powell himself, comparing it to gold.

For the very first time ever, Bitcoin surpassed $100,000 on December 8th. The weekly close was set at $103,900.47 and the daily close at $101,236.01. This remarkable milestone symbolizes a new phase of trust from investors, as various factors have contributed to the substantial rise in digital currency assets.

On December 5th, Bitcoin (BTC) hit a record peak of $103,679. However, it quickly adjusted downwards to $97,074.22, which was its opening price for the following day, December 6th. Interestingly, on Sunday, December 8th, the market closed at $101,236.01 according to CoinMarketCap. This weekly close was at $103,900.47, causing Bitcoin’s market capitalization to surge to a staggering $2.003 trillion.

Factors leading up to BTC’s $100k stride

As an analyst, I’ve observed that a confluence of regulatory adjustments and rising institutional confidence within this asset class have played significant roles in this occurrence. Consequently, we’ve witnessed an unprecedented spike, marking the first-ever close above $100,000 on both a daily and weekly basis.

BREAKING: $BTC DAILY/WEEKLY CLOSE ABOVE $100K FOR THE FIRST TIME IN HISTORY

— DEGEN NEWS (@DegenerateNews) December 9, 2024

1) The popularity of Bitcoin surged when Federal Reserve Chairman Jerome Powell likened it to gold, implying greater legitimacy as a store of value. This view aligns with Bitcoin’s growing recognition as a potential reserve currency. In the U.S. Treasury Department’s Q4 report, they acknowledged Bitcoin’s contribution to the growth of the crypto market capitalization, now over $2 trillion. They also noted that it has become a reserve currency and is being integrated into institutional portfolios more frequently. The incorporation of this digital asset into financial systems represents a significant innovation, shifting traditional views on digital assets and reserves, an opinion shared by many analysts.

Analyst’s outlook On Bitcoin

James Van Straten, a Senior Analyst at Coindesk, believes that institutional investment played a significant role in the growth of Bitcoin (BTC). He stated during the Bitcoin MENA conference in Abu-Dhabi, “We’re seeing the beginning of institutional adoption.” Additionally, he pointed out that Donald Trump’s appointment of Paul Atkins as the new SEC Chair could drive BTC prices above $100k due to a more favorable regulatory environment compared to his predecessor, Gary Gensler, who pursued a stricter policy.

Bitcoin’s role as a hedge against inflation

By September 30, 2024, the U.S. federal debt totals an astounding $35.5 trillion, marking a significant jump of $2.3 trillion compared to the previous year, as indicated by the latest Financial Audit reports. This escalating financial instability has sparked interest among institutions and nations in decentralized alternatives such as Bitcoin (BTC), which are seen as a response to dwindling trust in traditional fiat systems. The allure of BTC lies in its fixed supply and independence from central banks, making it increasingly regarded as a protective measure against inflationary pressures and monetary uncertainties.

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2024-12-09 14:40