The cryptocurrency with the largest market capitalization in the Bitcoin market continues to set a new ATH, surpassing the $100,000 mark per coin.
Bitcoin reaches $100,000, continuing to set a new ATH. Image: Alexa Blockchain
"Bitcoin has a new ATH, Bitcoin has ATH again" are probably the phrases that the investment community has been hearing frequently over the past month as the largest cryptocurrency in the crypto market has continuously conquered new price highs, especially more "densely" since the outcome of the US presidential election on 06/11.
On the morning of 05/12/2024, that phrase was mentioned again when Bitcoin once again set a new record high (ATH) by surpassing $100,000 and even reaching $101,600, equivalent to an increase of nearly 50% in just the past month.
This is another shining milestone in the nearly 16-year history of Bitcoin's existence and development since the genesis block was created by Satoshi Nakamoto on 03/10/2009.
4-hour chart of the BTC/USDT pair on the Binance exchange at 09:45 AM on 05/12/2024
With rapid growth, the current market capitalization of Bitcoin is $1.972 trillion, ranking 7th in the world. BTC has the potential to overtake the positions of Alphabet (Google's stock code) and Amazon, as the market capitalization of these two giants is only a few hundred billion dollars different from Bitcoin, if this cryptocurrency continues to surge.
The asset with the largest global market capitalization is still Gold with a size of $17.929 trillion, followed by NVIDIA, Apple, and Microsoft.
Top 10 assets with the largest market capitalization in the world. Source: Infinite Market Cap (05/12/2024)
The driving force behind Bitcoin's rise over the past month has mainly come from the US Bitcoin spot ETFs, which have recorded a surge in inflows of tens of billions of dollars, officially breaking the record of the peak period in March 2024 to set a new milestone for the highest weekly inflows.
Particularly, the influx of funds into the aforementioned Bitcoin ETFs has been more FOMO-driven after the Bitcoin ETF options product was launched and the asset management firm Bitwise announced a proposal to set up a mixed ETF comprising 10 cryptocurrencies, including Bitcoin.
In addition, a number of other factors have also led to the continuous rise in Bitcoin prices over the past 30 days, including:
- Public companies like MicroStrategy, Metaplanet, Semler Scientific, or MARA Holdings continuously "positively DCA" Bitcoin through various fundraising activities, mainly by offering large amounts of convertible bonds, with MicroStrategy alone buying an additional $12.5 billion in the past month.
- Increasing "Bitcoinization" actions from administrative agencies in US states like Florida, Michigan, Pennsylvania, an unnamed pension fund in the UK, Jiva Technologies healthcare company in Canada, and SOS Ltd financial company in China.
- Support and praise for Bitcoin's capabilities in the financial sector from key figures in the US government, including the new US Health Secretary Robert F. Kennedy Jr. (RFK Jr.), Senator Cynthia Lummis.
- More open crypto policies from the new US President Donald Trump administration.
Bitcoin's continuous conquest of new price highs has also led to a surge in a number of altcoins, with top coins like ETH, BNB, SOL, XRP... especially the AI-based coins leading the "green" trend for the entire market. The most prominent is the AI Agent trend, which is the main driver behind the current strong surge.
If in the early part of the month when Bitcoin set a new ATH at $89,500, the majority of funds flowed into memecoins with statistics showing an average growth rate of up to 103%, then at the current time, the "tech coin" cryptocurrencies have regained their performance, with a series of tokens witnessing growth of over 100% in the past month.
Fluctuations of the top 100 cryptocurrencies, screenshot from CryptoBubbles on the morning of 05/12/2024
Notably, Bitcoin's conquest of the $100,000 mark once again demonstrates the "predictive" ability of the Polymarket market. Because just a week ago, when Bitcoin was still fluctuating below $90,000, bettors on Polymarket had predicted a nearly 60% chance that Bitcoin would exceed $100,000 by the end of this year.
Previously, this platform had witnessed the correct prediction of Mr. Trump's election as the 47th President of the United States. As of 30/11, Polymarket had reached a cumulative trading volume of $7.07 billion, largely thanks to predictions related to the 2024 US presidential election between candidates Donald Trump and Kamala Harris.
Compiled by Coin68
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