Bitcoin Surges Past $107,000 Mark

On December 16, the price of the leading cryptocurrency surpassed $106,000. On Binance, the asset reached $106,648.

December 16, 2024 | 19:45Update:

In the evening, the price of digital gold hit a new high for the second time that day. On Binance, it reached $107,200.

At the time of writing, Bitcoin is trading around $105,000. Over the past 24 hours, the price has increased by 2.9%, according to CoinGecko.

The flagship cryptocurrency outpaced other leading digital currencies in growth. Only Ripple’s XRP token remained in the correction zone.

The total market capitalization reached $3.89 trillion. The dominance index of digital gold rose to 53.5%, while Ethereum’s stands at 12.3%.

The cryptocurrency fear and greed index is at 83 points, indicating extreme buyer interest. This metric was last recorded on December 5, when Bitcoin first exceeded $100,000.

One potential driver of Bitcoin’s rise could be President-elect Donald Trump’s confirmation of plans to create a national strategic reserve of cryptocurrency.

“Yes, I think so,” he replied to a direct question on CNBC.

Jack Mallers, founder and CEO of Strike, believes Trump will issue the corresponding order immediately after his inauguration on January 20, 2025. 

TRUMP TO MAKE DAY 1 EXECUTIVE ORDER
FOR #BITCOIN STRATEGIC RESERVE pic.twitter.com/haZUO2SIL0

— Bitcoin Archive (@BTC_Archive) December 15, 2024

During his campaign, the politician dubbed himself the “crypto president” and promised support for the industry. After being elected, he initiated the creation of a position in the administration for a so-called “czar” of AI and digital assets, nominating David Sacks for the role.

Personnel is policy: Perianne Boring pic.twitter.com/52IPUr2owR

— Mornings with Maria (@MorningsMaria) December 13, 2024

“If Donald Trump manages to push through all the initiatives he has proposed to the community, there will be no limit [to price growth], as Bitcoin has a fixed supply,” stated Perianne Boring, co-founder of The Digital Chamber, in an interview with Fox Business.

After Bitcoin reached the $100,000 mark, Trump congratulated the community on this milestone.