Bitcoin's New All-Time High: The Big 100

News
Celine Khattar
9 December 2024

With 2024 coming to a close, one specific asset has been keeping the whole trading industry on its toes: Bitcoin.  

Bitcoin hit the big $100,000 mark on Thursday, recording a new all-time high after a series of fluctuations throughout the year. This new record doesn’t exactly come as a surprise, as most traders have been more optimistic about the price action of the “King” coin recently, especially after Donald Trump getting elected in the U.S.   

However, is Trump the only driving force behind this milestone, or is there more to the story?

From Anonymous to Worldwide Recognition

From a brief white paper written 15 years by a mysterious “Satoshi Nakamoto” to breaching the six-figure mark, Bitcoin has had its fair share of ups and downs. This makes it the biggest crypto by market cap (and a traders’ favorite).

Let’s take a moment to reflect on BTC’s journey - we will look at its early days and the all-time highs it reached this year. 

 

2009 – Bitcoin gets introduced to the world. Nakamoto made the first-ever BTC transaction when he bought two pizzas for 10,000 BTC. 

2013 – Bitcoin sees its first major price jump, hitting $1,000 for the very first time in its history. This is when it started gaining attention from both tech enthusiasts and early adopters who believed in the vision.

2017 – Bitcoin hits its first massive peak, breaching $19,000 in December 2017. Mainstream interest and speculative investment initially drove this. 

2018 – Bitcoin experiences its first significant correction by dropping as low as $3,000 by the end of 2018.

2020-2021 – After a period of steady growth, Bitcoin records its ATH of $64,400 in April 2021.

2023-2024 – The fourth Bitcoin Halving takes place in April 2024, with the price of BTC remaining stable.   

  • March 2024 – Bitcoin hits ATH of $73,084 following the approval of Bitcoin ETFs.  

  • November 2024 – Bitcoin peaks yet again, reaching $76,233, influenced by the U.S. presidential election results.  

  • December 2024 – Bitcoin breaches the $100,000 mark, a new all-time high.   

Bitcoin-Trump Effect?  

 Bitcoin touched $100,000 just hours after Trump announced Atkins as his choice for SEC chair. 

Current SEC chair – Gary Gensler – is not exactly the biggest fan of cryptocurrencies. Not only this, but Federal Reserve Chair Jerome Powell labeled bitcoin as “a speculative asset.”  

Trump’s journey towards crypto adoption was not the smoothest either. Once a crypto skeptic, Trump had called BTC “not money”, even labeling it as “highly volatile and based on thin air”.   

However, in the months leading up to his reelection, Trump took a 180-turn on cryptocurrencies in general, aiming to attract younger voters. His aim is to make the U.S. the “capital of crypto”.   

 

  • In September 2024, the billionaire launched a crypto platform promoted by him and his sons, called World Liberty Financial

  • The project is a digital asset platform for decentralized finance (DeFi).  

  • It aims to improve financial security and allow free transactions.  

Trump’s election may have sparked the already rising bull market, but he is not the only reason for Bitcoin’s rise. Favorable macroeconomic conditions also have provided room for further growth.  

  

Inflation is now a major concern, along with currency devaluation and wider tensions. Because of this, Bitcoin has come back as an appealing solution to today’s economic problems.  

 

Bitcoin, once just for crypto fans, is now attracting institutional investors and companies. They seek stability in a shaky economy.  

  • Fiat currencies worldwide have been losing purchasing power because of inflation.  

  • The U.S. Federal Reserve is working to fight inflation by raising interest rates. 

  • Central banks have been injecting money for a long time. This has led to a drop in fiat currencies, and as a result, people are now more interested in tangible assets.  

  • While gold has historically been a primary hedge, Bitcoin is now gaining recognition as "digital gold".  

  

Unlike traditional currencies, Bitcoin is immune to inflation pressures — a feature that many investors now find particularly attractive.  

Short-Lived Hype?

Industry veterans’ speculations of a bull run post- US elections was right, riding the ‘Trump Bump’.  

Although there was a lot of enthusiasm surrounding Bitcoin’s big $100K, it was somewhat brief... which leaves markets wondering, is a Bitcoin price correction coming? 

Technical Analysis 

BTC witnessed a pullback and dropped near the $98,000 level, trading at $99,182 at time of writing.  

Historically, the king coin witnessed similar pullbacks over the years – and if history repeats, then the market might be preparing for yet another price correction. 

  • Bitcoin's dominance – which measures BTC’s market cap to that of alt coins – has been declining as of late, with the ratio dropping from 53.7% to 51% last week.

  • Bitcoin’s Relative Strength Index (RSI) suggests a bearish divergence, showing that momentum may be weakening.

  •  The initial area of resistance is currently sitting at $104,000, while the nearest support levels are $90K and $85K respectively.  

Now… What? 

As we witness this new milestone for Bitcoin, bold predictions from analysts and market experts are increasingly common, with some setting specific price targets. 

While it is still a bit early, a lot of investors and traders are now eyeing the $200,000 level by the end of 2025, with the next year seen as a potential new institutional era for crypto markets.  

Regardless of Bitcoin’s eventual price, it still has already achieved a significant milestone, surpassing silver in value and even setting its sights on gold as it solidifies its place among the world’s top hard assets.