Bitcoin hits $100K; 120K in sight

New Delhi:World’s largest cryptocurrency Bitcoin has crossed the historic milestone of $100,000 apiece, driven by favourable market dynamics, growing US regulatory clarity, and institutional adoption through Bitcoin ETFs, industry experts said on Thursday.Bitcoin was trading at $1,03,095, after gaining 4.39 per cent, while its market capitalisation (mcap) surpassing $2 trillion. Bitcoin’s market cap on Thursday surged 6.2 per cent in the past 24 hours, reaching $2.03 trillion, according to CoinMarketCap. Meanwhile, Bitcoin-led world’s crypto mcap is hovering at $3.69 trillion followed by Ethereum ($471 bn), XRP ($139 bn), Tether ($135 bn), Solana ($112 bn), BNB ($105 bn), and Dogecoin ($64 bn).

The rise is due to renewed investor optimism over President-elect Donald Trump’s latest appointment. Trump fielded Paul Atkins, a known pro-crypto advocate, as the incoming Chairman of the US Securities and Exchange Commission (SEC).

According to Vishal Sacheendran, Head of Regional Markets at Binance, the cryptocurrency market is experiencing a surge in optimism as governments and institutions worldwide begin to embrace blockchain technology, paving the way for broader adoption and investment in digital assets.“This renewed enthusiasm reflects a maturing ecosystem poised for sustained growth,” he added.

Now, Bitcoin is ahead of major economies such as Mexico ($1.85 trn), Australia ($1.8 trn), and Spain ($1.73 trn), and is just $0.15 trillion shy of Russia’s GDP ($2.18 trn), Brazil’s ($2.19 trn), and Canada’s ($2.21 trn).

Already Bitcoin overtaken the market valuations of Saudi Aramco ($1.796 trn), Silver ($1.791 trn), Facebook ($1.549 trn), and Elon Musk-led Tesla ($1.148 trn), making it the 7th largest asset in the world.