Bitcoin has reached a new all-time high, crossing $106,000 for the first time in history. The rally followed recent comments from President-elect Donald Trump about establishing a U.S. Bitcoin strategic reserve.
Since Trump’s victory on November 5, Bitcoin has risen by over 50%. The latest surge came after Trump’s statement that a national Bitcoin reserve might work like a strategic oil reserve. This has been well welcomed by investors, helping to push Bitcoin’s price up.
Santiment data reveals a significant rise in whale activity during this period. Wallets holding at least 100 BTC surged by 1,582, reaching a total of 17,644 wallets. This represents a 9.9% increase in just nine weeks, alongside Bitcoin’s 77% price gain.
Bitcoin hit a peak of $106,533 on Monday before retreating slightly to $104,500. Analysts remain optimistic about further gains. Tony Sycamore from IG noted that the market is now targeting $110,000 as the next key level.
The recent MicroStrategy addition on the Nasdaq-100 Index has also contributed to the market sentiment. Nasdaq declared it on Friday with the changes to come into effect on December 23. MicroStrategy shares have risen more than 600 percent this year amidst the firm’s huge Bitcoin investments. Under Michael Saylor, the Company has become the largest Corporate holder of Bitcoin.
Trump’s pro-crypto policies have strengthened investor confidence. Earlier this month, he appointed David Sacks, a former PayPal executive, as the White House czar for AI and cryptocurrencies. Trump also announced plans to replace SEC Chair Gary Gensler with Paul Atkins, a known crypto advocate. Gensler confirmed he would step down on January 20, the day of Trump’s inauguration.
Is Bitcoin Heading to $120K? The Next Big BTC BreakoutGlobal interest in Bitcoin reserves is also rising. Russia has discussed building its own Bitcoin reserve to bypass international sanctions. President Vladimir Putin recently emphasized Bitcoin’s strength, saying that no one can prohibit its use.
Investor enthusiasm has spread to the broader crypto market. Ether rose 1.5% to $3,965, reflecting growing optimism. Analysts predict Bitcoin price could keep rising with some predictions it could hit $120,000 by the close of 2024.
The total cryptocurrency market value now exceeds $3.8 trillion, according to CoinGecko. Bitcoin remains the leading digital asset, driving growth and investor confidence as regulatory changes and institutional support reshape the market.
