Emma Chen
Six-Figure Bitcoin Becomes Reality
Bitcoin shattered the psychological $100,000 barrier on December 5, 2024, reaching an all-time high of $103,800 before settling around $101,500. The historic milestone comes just weeks after the U.S. presidential election, with pro-crypto sentiment driving unprecedented institutional demand. According to CoinDesk, the rally was fueled by massive inflows into spot Bitcoin ETFs, which have accumulated over $30 billion in net assets since their January 2024 launch. BlackRock's IBIT alone added $2.1 billion in Bitcoin purchases in the week leading up to the breakout. The surge pushed Bitcoin's market capitalization above $2 trillion for the first time, making it larger than silver and approaching the market cap of Saudi Aramco. Options markets show traders expecting further gains, with $110,000 and $120,000 strike calls seeing heavy volume. The move also triggered a wave of liquidations, with over $1.5 billion in short positions wiped out in a single trading session as bears capitulated.
Institutional Adoption Accelerates
The $100K breakthrough reflects a fundamental shift in Bitcoin's investor base, with institutions now dominating trading volumes. As reported by Bloomberg Crypto, pension funds, endowments, and sovereign wealth funds have begun allocating to Bitcoin through ETF wrappers, bringing legitimacy and sustained buying pressure. MicroStrategy announced plans to purchase an additional $2 billion worth of Bitcoin, while rumors circulate that major tech companies are considering treasury allocations. The rally also coincides with Bitcoin's hashrate hitting new all-time highs above 700 EH/s, demonstrating network security and miner confidence. Analysts point to the upcoming 2024 halving event, which will reduce Bitcoin's issuance rate to just 450 BTC per day, as a key supply constraint that could drive prices even higher. With institutional adoption accelerating and supply getting tighter, many crypto veterans believe $100K is just the beginning of a multi-year bull cycle that could take Bitcoin to $200,000 or beyond by 2025.
