Bitcoin hits $100,000, sets historic ATH record

The coin with the largest market capitalization, Bitcoin, continues to set a new ATH, surpassing the threshold of $100,000 per coin.

"Bitcoin has a new ATH, Bitcoin ATH again" are probably the phrases that the investor community has heard frequently over the past month when the largest cryptocurrency in the crypto market has continuously conquered new high price milestones, especially with a "denser" frequency since the US Presidential election was concluded on November 6.

On the morning of December 5, 2024, that phrase continued to be mentioned when Bitcoin once again set a new record for the highest price of all time (ATH) when it surpassed the threshold of $100,000 and even rose to $101,600, equivalent to an increase of nearly 50% in just the past month.

This is another brilliant milestone in the nearly 16-year journey of Bitcoin's existence and development since the genesis block was initiated by Satoshi Nakamoto on October 3, 2009.

With rapid growth, Bitcoin's current market capitalization is 1,972 billion USD, ranking 7th in the world. BTC has the potential to usurp the position of Alphabet (Google's stock code) and Amazon when the capitalization of these two giants is only a few hundred billion USD different from Bitcoin, if this cryptocurrency continues to rise.

The asset with the largest market capitalization globally is still Gold with a scale of 17,929 billion USD, followed by NVIDIA, Apple, and Microsoft.

The upward momentum of Bitcoin over the past month has mainly come from US Bitcoin spot ETFs, which recorded a surge of buying power of tens of billions of USD, officially breaking the record of the peak period in March 2024 to set a new milestone of the highest weekly cash flow.

In particular, the amount of money flowing into the above Bitcoin ETFs has been FOMOed more after the Bitcoin ETF options product opened for trading and the asset management company Bitwise announced a proposal to establish a mixed ETF fund consisting of 10 cryptocurrencies, including Bitcoin.

In addition, a series of other reasons have also led to the continuous "pushing" of Bitcoin prices in the last 30 days, including:

• Public companies such as MicroStrategy, Metaplanet, Semler Scientific, or MARA Holdings have continuously "positive DCA" Bitcoin through various capital raising activities, but mainly by offering large amounts of convertible bonds, with MicroStrategy alone buying an additional 12.5 billion USD in the past month.
• "Bitcoinization" moves are increasingly coming from administrative agencies of states in the United States such as Florida, Michigan, Pennsylvania, an unnamed pension fund in the United Kingdom, healthcare company Jiva Technologies in Canada, and financial company SOS Ltd in China.
• Support and praise for Bitcoin's ability in the financial sector come from figures holding important positions in the US government, including the new Secretary of Health Robert F. Kennedy Jr. (RFK Jr.), Senator Cynthia Lummis.
• Many open policies towards crypto from the new US President Donald Trump's administration.

Bitcoin's continuous conquest of new "peaks" in price also dragged a series of altcoins to "benefit", with top coins such as ETH, BNB, SOL, XRP... especially artificial intelligence (AI) coins leading the "green" wave for the entire market. Most notably, the AI ​​Agent trend is the main factor stimulating the current strong increase.

If at the beginning of the month when Bitcoin reached its ATH peak at 89,500 USD, the majority of cash flow flowed to memecoin with statistics showing an average growth rate of up to 103%, then at present, "tech coins" have regained their form when a series of tokens witnessed an increase of over or under 100% in the past month.

Notably, Bitcoin's conquest of the 100,000 USD mark once again shows the "prophetic" ability of the Polymarket prediction market. Just a week ago, when Bitcoin was hovering below $90,000, Polymarket bettors predicted a nearly 60% chance of Bitcoin surpassing $100,000 by the end of the year.

The platform previously saw Trump win the 47th US President. As of November 30, Polymarket had a cumulative trading volume of $7.07 billion, largely driven by predictions related to the 2024 US presidential election between Donald Trump and Kamala Harris.