A dream came true for crypto enthusiasts — Bitcoin hit the six-figure milestone for the first time in history, giving traders 100,000 reasons to celebrate.
On Thursday, Bitcoin price surged to a new all-time high, reaching $103,000 during the session.
This achievement is nothing short of groundbreaking, silencing even the harshest critics of the orange coin. Bitcoin climbed 5% on Thursday, pushing its market valuation beyond $2 trillion.Altcoins joined the rally, with tokens like Ethereum and Dogecoin gaining around 7%. However, unlike previous crypto booms, this Bitcoin surge didn’t lift all coins. Solana, Ethereum’s primary competitor, remained mostly unchanged. Meanwhile, XRPUSD plunged about 10%, following an impressive 65% rally in the previous week.
What’s behind the record-breaking rally that has been making headlines for weeks?
In a word — Trump. The surge came after news broke that President-elect Donald Trump appointed crypto advocate Paul Atkins to lead the SEC. Atkins will replace current SEC Chair Gary Gensler, a notable crypto skeptic.
Starting January 20, Gensler will no longer oversee the SEC, which regulates exchange-traded funds (ETFs). This leadership change has sparked optimism, with traders anticipating a flood of new crypto ETF applications.
Trump’s influence has ignited a massive buying spree, as investors bet on explosive growth for the crypto industry under his presidency. The President-elect has openly pledged to support the sector, even proposing the creation of a Bitcoin strategic reserve.
Still, Bitcoin’s meteoric rise could be interrupted by profit-taking, with prices potentially dipping to $90,500. A drop below this level might test support at $80,500, and a more bearish scenario could push Bitcoin down to the $70,000 range.
