Home » Bitcoin » Bitcoin breaks through $100,00 for first time ever, market cap hits $2 trillion

Institutional interest in digital assets grows as spot Bitcoin ETFs gain approval and market dynamics shift.

It was the moment everyone had been waiting for. On Wednesday December 4, 2024, Bitcoin hit $100,000 for the first time in history, pushing its market cap to $2 trillion.

As of the latest data from TradingView, Bitcoin is trading at approximately $102,000, reflecting a 3% increase over the past 24 hours. The crypto asset has experienced a remarkable 140% year-to-date gain.

Bitcoin achieved the landmark milestone soon after Fed Chairman Jerome Powell called Bitcoin a competitor to gold and president-elect Donald Trump officially nominated pro-crypto Paul Atkins to chair the Securities and Exchange Commission.

Everything happened in one day and all points the US crypto industry to a major shift in regulation and perception under the incoming Trump administration. Experts believe that Trump’s cabinet appointments will bring a more favorable approach to crypto oversight.

Accelerating institutional demand

Accelerating institutional demand is pushing Bitcoin’s growth and adoption. The approval of US spot Bitcoin ETFs in January was a game-changer, providing a regulated pathway for institutions to invest in Bitcoin. As of December 3, these ETFs collectively held over 1 million BTC, nearing Satoshi Nakamoto’s estimated holdings.

Over 87% of institutional investors now plan to invest in digital assets in 2024. Major financial institutions are increasingly launching investment products that offer Bitcoin exposure, a move that reflects this growing appetite.

Moreover, corporations in the US are adopting Bitcoin as a treasury reserve asset. This trend, pioneered by MicroStrategy, is gaining traction, with more companies allocating Bitcoin to their treasury management strategies.