There is jubilation in the crypto space following news that the world’s flagship cryptocurrency, Bitcoin, is above $100K, spurred by Trump’s latest nomination of a pro-crypto SEC chief. The price breakout added over 7% to BTC’s market cap over 12 hours, from a low of $95,000 to an all-time high of $103,630.
The greatest news in the crypto verse is that Bitcoin crossed the historic $100,000 line. The Kobeissi Letter broke the line via an X Post during early trading in Asia on Thursday, December 5. The world’s leading crypto has garnered 140% year to date, thereby surpassing every other traditional asset. Available data shows that the latest move has pushed the digital asset’s market capitalization to over $2 trillion, which is yet another record.
Nominated Pro-Crypto SEC Chief, A Digital Asset Advocate
The latest Bitcoin rally has also been catalyzed by a series of President-elect Trump’s nominations as he prepares to take office in January 2025. The latest of these appointments was the picking of a pro-crypto SEC chief, Paul Atkins, on the same day that news broke that Bitcoin was above $100K. The man was nominated to serve as chair of the Securities and Exchange Commission (SEC) and previously served as an SEC commissioner under former President George W. Bush.
The incoming pro-crypto SEC chief has been on record making the case against excessive market regulation, besides being a vocal crypto advocate. Commenting on his latest appointment on Truth Social, President-elect Donald Trump said Atkins believed in the promise of a robust capital market that responds to the needs of investors, as well as providing capital to make the American economy the best in the world. He added that Atkins “also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Google Search Trends and Social Media Buzz
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While there’s jubilation that Bitcoin is above $100K riding on Trump’s election victory on November 5, it should be remembered that the incoming President who pledged to make America the “crypto capital of the planet” and create “a Bitcoin strategic reserve” started a serious digital asset sceptic. After changing his tune, he went on to become the first presidential candidate to accept campaign donations in crypto for a ticket he vied for with his crypto-centric vice president, JD Vance.
The news that Bitcoin is above $100K has once again renewed interest in the digital asset and the crypto market in general, considering the number of Google search trends and the social media buzz that surrounds it. Bitcoin’s leap into the six-figure territory set the Google search engine on fire as it became the most searched term on December 5, pointing towards renewed interest by individual and institutional investors.
The Altcoin Market also Been Ignited
With the flagship cryptocurrency now trading above the $100,000 milestone that was targeted by the end of 2024, the crypto analyst will be shifting their focus to how it will impact the altcoin market. BTC may still be the supreme digital asset, but there are ongoing conversations about the impact it will continue to wield on the altcoins. Moreover, pundits are debating Ethereum’s potential to catch up with Bitcoin at a time when XRP has recently risen to become the world’s third-largest cryptocurrency.
Interest in Bitcoin has reignited after it hit a new all-time high of close to $104,000, with the asset claiming 57% dominance of the crypto market. This, in itself, points to the significant position the asset holds within the entire crypto ecosystem. The latest recovery comes hot on the heels of a recent decline that saw its dominance slide from 62% to 54% just a few days ago.
Conclusion on Bitcoin
As expected, the news that Bitcoin is above $100K has created a ripple effect across the crypto market, with leading altcoins like XRP, Tron, and BNB showing impressive growth. With investor confidence now at its peak following the nomination of a new pro-crypto SEC chief, many will be keen to observe as market dynamics evolve and push Bitcoin toward the next all-time high. As we move towards the close of 2024 and Trump takes office early next year, analysts will be keeping their eyes on the performance of both Bitcoin and the leading altcoins.
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