Bitcoin surges past $105,000 mark

On December 15, 2024, Bitcoin (CRYPTO:BTC) soared to a new record high, reaching an intraday peak of $105,149 per coin. 

This surge represents a 4% increase against the U.S. dollar within the day, reflecting strong performance in the cryptocurrency market.

With this latest rise, Bitcoin's market capitalisation has climbed to approximately $2.07 trillion, making it the seventh most valuable asset globally, just behind Google at $2.332 trillion.

The trading volume for Bitcoin reached around $70.27 billion, indicating robust liquidity and sustained investor interest.

At 7:04 p.m. Eastern Standard Time, Bitcoin was trading at about $104,500 after briefly crossing the $105,000 threshold.

In a significant development for those betting against Bitcoin, over $44 million in short positions were liquidated in the BTC derivatives market. 

This mass liquidation underscores the bullish sentiment currently driving the market as short sellers scramble to cover their positions following Sunday’s unexpected price surge.

For many investors and traders, this milestone is more than just a number; it signals Bitcoin's ongoing ascent in value and acceptance. 

Analysts believe this could encourage institutional investors to view Bitcoin as a legitimate asset class, potentially driving further price increases due to heightened demand.

The recent climb also coincides with discussions about a strategic Bitcoin reserve that may be established during Donald Trump's presidency.

Market watchers are now closely monitoring whether this momentum can be sustained or if a correction is imminent. 

Current market dynamics suggest strong confidence in Bitcoin’s long-term value proposition. 

As 2024 comes to a close, Bitcoin’s evolution from a niche digital currency to a significant financial asset continues to attract attention.

With prices now reaching unprecedented levels, speculation and excitement are rampant within the crypto community. 

The question remains whether this year will mark Bitcoin's definitive place in financial history or if volatility lies ahead. 

For now, crypto enthusiasts are celebrating this latest achievement as they ride the wave of optimism surrounding Bitcoin's future.

At the time of reporting, the Bitcoin price was $105,499.