Bitcoin soared above the magical $100,000 mark for the first time today.
The crypto currency has more than doubled in value this year, rising about 45% in the four weeks since Donald Trump’s election victory.
Its market value now stands at nearly $2 trillion. By comparison, Nvidia and Apple are worth $3.5 trillion on the stock market, Microsoft $3 trillion and Google and Amazon $2.2 trillion. The market capitalisation of all the world’s gold is about $17.7 trillion.
Despite the success of ETFs, exchange-traded crypto funds, Bitcoin’s growth stalled for much of this year due to regulatory uncertainty.
“We are witnessing a paradigm shift. After four years of political purgatory, Bitcoin and the entire ecosystem of digital assets are about to enter the financial mainstream,” Mike Novogratz, founder and CEO of US crypto company Galaxy Digital, told Reuters.
Passing $100,000 is still related to the expectation that the crypto market will be less opposed and unlikely to be regulated under Donald Trump than it was under Joe Biden. Still, the market remains sensitive to bad news, one of the reasons why Bitcoin remained stuck at $96,000 in recent weeks. In addition, some experts are warning of a sharp correction.
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