Bitcoin, the world’s leading crypto asset, has finally crossed the $100,000 milestone after over a decade in the making. The rally that propelled Bitcoin to this landmark began on November 4, when it traded at $66,803. The following day, Americans elected pro-Bitcoin candidate Donald Trump as president, fueling the market’s momentum.
With Trump emerging victorious, the Bitcoin market quickly responded, reaching an intraday peak of $76,522 on November 6 and maintained its upward trajectory, ultimately breaching the $100K mark. This growth represents a massive 49.25% increase from its monthly low.
Considering that Bitcoin traded as low as $0.04865 on July 14, 2010, the leading crypto asset has appreciated by 205,549,745% in 14 years, making it one of the most profitable investments in recent decades.
Now valued at over $100K, it commands an unprecedented market cap of $2 trillion. This solidifies Bitcoin’s position as the seventh most valuable asset in the world, behind Google, Amazon, and Microsoft. At this valuation, Bitcoin is more valuable than Saudi Aramco, silver, and Facebook.
Crypto Community Celebrates Bitcoin’s Milestone
The news of Bitcoin’s $100K milestone was well received in the crypto community, with excitement taking to the streets as crypto enthusiasts celebrated. In fact, on November 13, Michael Saylor, chairman of MicroStrategy, a company that has invested $16.58 billion in Bitcoin, had even announced plans to organize a Bitcoin $100K Party to commemorate the achievement.
Planning the #Bitcoin 100K Party— Michael Saylor⚡️ (@saylor) November 13, 2024
The significance of Bitcoin attaining $100K, after much anticipation, is widely felt across the broader crypto market, with many assets following similar paths of price discovery.
Bitcoin’s Path Beyond $100K
While $100K represents a major milestone for Bitcoin, industry pundits like Bitwise CIO Matt Hougan believe Bitcoin’s potential is far from realized. He argues that Bitcoin’s true milestone is $500,000, a price at which, in his view, Bitcoin would transition from an emerging asset to a mature store of value akin to gold.
Hougan expects Bitcoin to capture 50% of gold’s $1.177 trillion market cap, driving BTC to $500K. Key to this growth is increased government and institutional investment.
While this is a longer-term outlook, analyst Ali Martinez has outlined Bitcoin’s short-term path post-$100K. Martinez points to historical patterns to suggest Bitcoin could hit at least $138K, with a potential target of $150K, before a pullback. If the rally occurs, corrections could push Bitcoin to $105K or $96K, with major support at $83K and $72K.