The world's biggest cryptocurrency, Bitcoin, has scaled the historic milestone of crossing $100,000 apiece, driven by favorable market dynamics, growing US regulatory clarity, and institutional adoption through Bitcoin ETFs, said experts on Thursday.
Bitcoin was trading at $1,03,095, after gaining 4.39 per cent. 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.
Discussions on the US Strategic Bitcoin Reserve and corporate treasury integration indicate a movement toward full mainstream adoption.
"The upcoming year will see improved regulatory frameworks, increased transparency, and developments in DeFi, tokenized assets, and interoperability between blockchain networks; this will pave the way for an increasingly inclusive global economy," added Sacheendran.
According to Rahul Pagidipati, CEO, ZebPay, Bitcoin is now effectively one of the top 10 most valued assets in the world, ranking above all commodities except gold and higher than most companies.
"The crypto market's total capitalisation has also crossed the $3.5 trillion mark, demonstrating the scale of interest and widespread adoption in the space," he said.
Nigel Green of deVere Group predicted over a month ago that Bitcoin would go on to reach $100,000 following Donald Trump's re-election and his set-in-stone inauguration as the 47th President of the United States.
'I believe Bitcoin could well peak at $120,000 in the first quarter of 2025 as the rally takes further momentum,' he forecast.
"The narrative of Bitcoin as digital gold is becoming impossible to ignore. It is increasingly being seen as a hedge against inflation and a tool for portfolio diversification. Institutional interest is at an all-time high, and the infrastructure to support mass adoption continues to expand," Green said.
The recent rally in Bitcoin can be attributed to a combination of factors. First, the political alignment of a pro-crypto administration is invigorating market confidence. Second, the ongoing economic environment, characterized by likely inflationary pressures, has driven institutional and retail investors toward alternative assets.
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