bitcoin-surpasses-historic-mark

Bitcoin surpasses historic mark

Cryptocurrencies

December 05, 2024

On the night of December 4-5, the price of the decentralized asset exceeded $100,000 for the first time, reaching a peak of $104,088 on Binance. At the time of writing, the asset is trading around $103,000. The surge was accompanied by increased trading volumes and reports of strong institutional demand.

Impact of institutional investors

According to CryptoQuant specialists, there is growing interest from American investors in the market, as indicated by the Coinbase premium dynamics. Ki Young Ju of CryptoQuant estimates the current value of the leading cryptocurrency at $146,000, reflecting its realized capitalization. However, he also warns that the price is still 43% below the level typical of a cryptocurrency market "bubble."

Some experts, such as Mike Novogratz of Galaxy Digital, believe the crypto asset could reach $500,000 if the US decides to include it in its strategic reserves. These forecasts fuel interest among both investors and analysts.

The cryptocurrency market in numbers

The total market capitalization of cryptocurrencies stands at $3.83 trillion, with the dominance index of the leading digital currency remaining at 53%. At the same time, not all top-10 cryptocurrencies showed similar dynamics. For instance, XRP, Solana, BNB, and Cardano experienced price declines.