Bitcoin Hits Major Milestone of $100K, Nears $2 Trillion Market Value
Bitcoin's price has surged past the $100,000 mark for the first time in its history, fueled by institutional demand, corporate accumulation and heightened expectations of crypto-friendly policies under Donald Trump's presidency. Bitcoin tops $100K (BrayLockBoy/Wikimedia Commons, modified by CoinDes
Bitcoin's price has surged past the $100,000 mark for the first time in its history, fueled by institutional demand, corporate accumulation and heightened expectations of crypto-friendly policies under Donald Trump's presidency.
Bitcoin tops $100K (BrayLockBoy/Wikimedia Commons, modified by CoinDesk)
Now ahead about 130% year-to-date, bitcoin's market capitalization has risen to just shy of $2 trillion only 15 years after coming into existence. For reference, Nvidia and Apple sport market caps of about $3.5 trillion, Microsoft $3 trillion, and Google and Amazon $2.2 trillion. The market capitalization of all the gold in the world is roughly $17.7 trillion.
At the forefront of this rally was the early-2024 launch of spot-based bitcoin exchange-traded funds (ETF) by asset management giants including BlackRock and Fidelity. These products have been a resounding success, securing assets under management of around $30 billion in less than one year's time.
Despite the success of the ETFs, the move higher in bitcoin seemingly stalled throughout a large chunk of this year, at least in part thanks to regulatory uncertainty surrounding the U.S. presidential election. The early November victory of crypto-friendly Donald Trump, though, spurred new legs for the rally, with bitcoin quickly taking out its March high above $73,500, then in fast time moving past $80,000, then $90,000, and finally $100,000.
Source: CoinDesk
Futures Market Updates
As Bitcoin crossed the $100K mark, funding rates rose to the whopping 0.1075% on BTC futures markets and 0.0677% on ETH futures markets.
Bitcoin Futures Updates
Total BTC Open Interest: $64.81B (+11.09%)
BTC Volume (24H): $142.96B (+79.54%)
BTC Liquidations (24H): $41.67M (Long)/$130.96M (Short)
Long/Short Ratio: 49.01%/50.99%
Funding Rate: 0.1075%
Ether Futures Updates
Total ETH Open Interest: $26.02B (+7.53%)
ETH Volume (24H): $80.09B (+57.08%)
ETH Liquidations (24H): $27.16M (Long)/$61.43M (Short)
Long/Short Ratio: 47.96%/52.04%
Funding Rate: 0.0677%
Top 3 OI Surges
GMCI30: $98.39K (+502.11%)
COMP: $61.60M (+89.17%)
SWELL: $31.66M (+79.83%)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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