Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, reached an all-time high on December 5, trading above the $100,000 mark for the first time in history, according to data from CoinMarketCap. The milestone comes amid sustained growth and increasing adoption from institutional investors, governments, and retail traders alike.
Investors have been closely watching the crypto asset since it neared the anticipated $100,000 level. In the past week, the digital asset has fluctuated around $95,000-$98,000. Despite the market pullback, BTC is currently trading at an impressive $103,000.
Over 139% This Year
By surging over 139% this year, bitcoin has shown that the turbulence fueled by the collapse of FTX in November 2022, the subsequent conviction of its founder, Sam Bankman-Fried, and BTC sell-off from the German government were only temporary setbacks on its path to greater heights.
As the recent milestone fuels confidence in investors, Fed chair Jerome Powell noted that BTC is a major competitor to Gold.
Several investors and institutions have accumulated the digital asset in the past months due to its performance. For instance, America-based publicly traded company MicroStrategy recently acquired an additional 15,400 of the pioneer crypto worth $1.5 billion. This purchase marked the company’s fourth consecutive weekly purchase, bringing its total Bitcoin holdings to 402,100, worth $39 billion.
Big Firms Accumulating BTC
As one of the major players in the crypto market, the business intelligence firm also purchased a whooping 55,500 BTC, worth approximately $5.4 billion at an average price of $97,862 per bitcoin, fueling renewed confidence in investors.
Before the latest feat reached by the crypto asset, MicroStrategy’s Bitcoin portfolio exceeded $20 billion. The pump has also benefited other major BTC holders.
Despite being a Bitcoin mining company, MARA Holdings spent approximately $572 million to acquire about 5,771 BTC at an average price of $95,554 per bitcoin. The form has always purchased more bitcoin from the open market in addition to its mining rewards, adopting a complete Bitcoin hodl strategy.
BTC to Reach Different Highs
Notably, several entities and investors have predicted different prices for BTC in the past. Standard Chartered Bank believes that the crypto asset will hit $150,000.
Prediction market platform Kalshi also predicted that the leading crypto will surge to approximately $158,000 by 2025. This projection aligns with growing optimism about bitcoin’s long-term potential.
Meanwhile, the growing acceptance of Bitcoin has made several states consider BTC as their reserve asset. The House of Representatives of Pennsylvania, the fifth-most populous state in the United States, plans to foster crypto adoption by passing a law to add bitcoin to the state balance sheet as a reserve asset.
