Bitcoin Surpasses Historic $100,000 Mark

On the night of December 4th to 5th, the leading cryptocurrency confidently surpassed the $100,000 level. At the time of writing, the asset is trading around $103,000.

The rise was supported by a significant surge in trading volumes. The price peaked at $104,088 on the Binance exchange.

“If calculated based on the average price of $0.003, when Laszlo Hanyecz bought two pizzas for 10,000 BTC on May 22, 2010, bitcoin has increased 3.333 billion times [the analyst likely meant 3.3 billion percent — ed. ForkLog] over the past more than 5000 days. The price of that pizza has also reached $1 billion,” noted journalist Colin Wu.

Former Binance CEO Changpeng Zhao (CZ) recalled a post by Peter Schiff from autumn 2019, where the “gold bug” wrote: “Keep dreaming. Bitcoin will never reach $100,000.”

? Don’t dream. Keep building! https://t.co/sLJb7M3jjz

— CZ ? BNB (@cz_binance) December 5, 2024

“Don’t dream. Keep building!” wrote CZ.

Not all assets demonstrated dynamics comparable to the market leader. For instance, among the top 10, XRP, Solana, BNB, and Cardano saw price declines.

In the last 24 hours, bitcoin rose by 7.1%, Ethereum by 4.6%; over 30 days, these assets increased in price by 51.6% and 59.2% respectively.

Experts at CryptoQuant identified significant institutional demand from U.S. investors, based on the dynamics of the Coinbase premium.

Bitcoin passes $100k as institutional demand drives the market.

The Coinbase Premium Index highlights sustained buying pressure from U.S. investors. pic.twitter.com/eZvKFCmVxs

— CryptoQuant.com (@cryptoquant_com) December 5, 2024

The head of the firm, Ki Young Ju, also noted the influx of fresh capital into the market. According to his estimates, the projected value of bitcoin based on realized capitalization now stands at $146,000.

Fresh capital is fueling #Bitcoin.

As the realized cap grew, the ceiling price increased from $129K to $146K in 30 days.

At $102K, it’s far from a bubble—it would need a 43% surge to hit the threshold often considered a bubble. pic.twitter.com/ZYYpoXMuw4

— Ki Young Ju (@ki_young_ju) December 5, 2024

The expert notes that the current price of digital gold is still 43% below the level characteristic of a “bubble.”

The total cryptocurrency market capitalization is $3.83 trillion, according to CoinGecko. Bitcoin’s dominance index is 53%.

Earlier, Galaxy Digital head Mike Novogratz expressed the opinion that bitcoin would reach $500,000 if the U.S. includes it in its strategic reserve.