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Bitcoin continues to dominate the crypto market, maintaining a 56% market share as global capitalization climbs to $3.8 trillion.
The market rally, fueled by institutional interest and favorable regulatory developments, was further triggered by Bitcoin crossing the $100,000 milestone for the first time and consolidating it as the flagship digital asset.
Bitcoin (BTC) surged past the $100,000 mark late Wednesday, peaking at $103,000, according to CoinGecko data.
Crypto Market Goes Into Overdrive as Bitcoin Breaches Fresh All-Time Highs
This year’s crypto market rally continues to post impressive gains following a significant surge late Wednesday evening from the world’s largest digital asset. Bitcoin breached the vaunted $100,000 at 9:45 pm ET, smashing through that level to land just above $103,000, CoinGecko data shows. Over the last 24 hours, the native token of Bitcoin layer-2 Stacks (STX) experienced the largest uplift, rising 15% to $3, while The Sandbox (SAND) came in second—up 14% to $0.87. Gunning off market fervor, t...
The rise represents a 120% increase from its price at the start of the year when it was trading just above $44,000. With a market cap exceeding $2 trillion, Bitcoin now ranks as the 7th largest asset globally, according to Companies Market Cap.
There’s now only a narrow margin between it and the $2.1 trillion market cap of Google parent company Alphabet. The rest of the list consists of Amazon, Microsoft, Nvidia, Apple and gold.
“Bitcoin breaking the $100,000 mark is supported by high volumes and shallow post-election corrections,” Aurelie Barthere, Principal Research Analyst at Nansen, told Decrypt. “December’s positive seasonality should prevent significant corrections for now, with buyers overpowering sellers in a ‘buy-the-dip’ mentality.”
The rally coincides with the amplifying optimism surrounding U.S. regulatory changes, particularly the nomination of crypto-friendly Paul Atkins as the next Securities and Exchange Commission chair by President-elect Donald Trump.
Donald Trump Picks Former SEC Commissioner Paul Atkins to Lead Agency
President-elect Donald Trump announced Wednesday that he has picked Paul Atkins, a former commissioner at the Securities and Exchange Commission (SEC), to lead the regulatory agency as its next Chairman. Seen as a crypto-friendly successor to SEC Chair Gary Gensler—who has drawn the crypto industry’s ire for an aggressive string of enforcement actions under his leadership—Atkins served as an SEC commissioner for six years following his appointment by President George W. Bush. He is currently t...
“We flagged this as one of the positive news flows expected for crypto,” Barthere added.
Bitcoin’s dominance at 56% underscores its continued leadership in the market, even as meme coins experience significant gains. Dogecoin (DOGE) led the blue chip meme coin charge with a 6.7% jump to $0.44.
Pepe coin (PEPE) and Shiba Inu (SHIB) also rallied, with gains of 4.7% and 4.5%, respectively, according to CoinGecko data.
Arthur Azizov, CEO of B2BINPAY, attributed the dominance to Bitcoin’s major role in driving market momentum.
“Donald Trump announcing pro-crypto Paul Atkins as SEC Chairman let Bitcoin finally break the psychological barrier of $100,000, setting a new all-time high (ATH) above $104,000,” Azizov told Decrypt. “Since November 5, its value has surged by an impressive 54%, a remarkable performance by any standard.”
BlackRock’s IBIT Hits $50 Billion in Record Time as Bitcoin Surges Past $100,000
BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed $50 billion in assets under management, achieving the milestone in just 228 days—more than five times faster than any other ETF in history. For perspective, the previous record-holder, BlackRock’s iShares Core MSCI EAFE ETF (IEFA), took 1,329 days to reach the same threshold, according to Bloomberg senior ETF analyst Eric Balchunas. The rapid growth of IBIT coincides with a historic year for Bitcoin (BTC). The world’s largest crypto broke t...
Institutional investors have played a key role in driving the Bitcoin price, with ETFs recording over $1 billion in inflows in recent weeks. BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed $50 billion in assets under management, achieving the milestone over five times faster than any other ETF in history.
Azizov added that while Bitcoin has yet to experience a significant correction, a pullback is likely.
“Bitcoin has yet to experience a significant correction. Based on this, it’s reasonable to conclude that a pullback is likely imminent—it’s just a matter of time,” said Azizov. “By year-end, I believe Bitcoin’s price will consolidate around $100,000 before retracing to five-digit levels.”
Edited by Stacy Elliott.
