Fifteen years into the market, Bitcoin price impressively tops the $100,000 mark for the first time.
The prevailing “Greed” sentiment contributed to this rocket climb. However, there’s no denying the impact of the support Bitcoin gets from global leaders, including Trump and Putin.
This historic milestone has sparked celebrations across the crypto community, with investors eyeing the future and wondering—what’s next?
Read on to unfold the reasons behind this price increase and its potential near-term movement.
Bitcoin Breaks the $100k Mark for the First Time
The Story: Bitcoin, the largest cryptocurrency per market capitalization, impressively broke through the $100,000 market for the first time after its emergence in 2009. This record-breaking increase was primarily driven by the support from global leaders and the change in the regulatory landscape.
What We Know: The BTC market has shown recovery after experiencing a crypto winter from 2022 to 2023. In 2024, the BTC price recorded three impressive all-time highs – $71,632 on April 9, $93,483 on November 23, and the latest $103,264 on December 5.
What Else: While Bitcoin and crypto investors are celebrating this milestone, experts are warning the market about the potential price correction
Quick Overview: Bitcoin Price in South African Rand Today
Following the historical November 2021, the Bitcoin market was devastated by the crypto winter from 2022 to 2023. It even hit its all-time low of ZAR 297,766 (USD 16,445) in November 2020 because of the Binance scandal.
However, 2024 has seen the recovery and even exponential growth of the largest cryptocurrency per market capitalization. The BTC price impressively recorded three all-time highs this year alone:
- April 9, 2024: ZAR 1.297 million (USD 71,632) due to market anticipation for Bitcoin Halving.
- November 12, 2024: ZAR 1.692 million (USD 93,483) following Trump’s reelection.
- December 05, 2024: ZAR 1.869 million (USD 103,264) after receiving immense support and optimism from global leaders, including Russian President Putin.
The table below presents Bitcoin key data and prices in Rand.
| Rand | US Dollar | |
| Market Cap | ZAR 36.61 trillion | USD 2.02 trillion |
| All-Time High | ZAR 1,877,783 | USD 103,587 |
| Circulating Supply | 19,790,000 units | |
| Maximum Supply | 21,000,000 units | |
| Exchange rate (as of writing) | USD/ZAR – 18.1371 | |
Here are the key reasons that pushed the Bitcoin price beyond the $100k mark.
No One Can Ban Crypto, Said Russian President Putin
Russian President Vladimir Putin endorsed further development and jurisdiction acceptance of Bitcoin.
In December 2024, Russian President Putin officially recognized cryptocurrencies as property by signing a landmark crypto taxation law.
The Landmark Crypto Taxation Law eliminates value-added tax (VAT) to all mining and trading crypto transactions. Additionally, every electronic payment system (EPR) service will not have tax liabilities.
This taxation law will further increase global cryptocurrency transactions, ultimately contributing to the market’s growing valuation.
Russian President expressed his and his government’s support for the cryptocurrency market, especially for Bitcoin. According to him, the value and potential of Bitcoin is exponential to ignore.
He said that whatever happens to the US dollar and despite all the ongoing regulatory sanctions, Bitcoin “will develop one way or another,”
He believes Bitcoin is unstoppable especially now that people are seeking a cost-effective, efficient, and swift payment system.
A More Crypto-Friendly US SEC Chairman
Labeling himself as the crypto President, the reelected US President Trump promised to provide crypto-friendly regulation in the United States. Considering that the US is among the biggest crypto holders in the world, the promised regulation clarity will bolster the market growth and ensure sustainability.
But what measure would US President Trump use to bring clarity to the crypto US regulation?
Simple – he promised to fire Gary Gensler from his US SEC chair position. He will then appoint someone who with strong advocacy for the digital currency market.
Read More: Dogecoin Price in Rands Following Trump’s Victory [2024] : Crypto News: Bitcoin Price Hits $100k Today and What You Should Expect AfterWhile his promise of firing Gensler failed to push through, the SEC chair announced to step down from his position on January 20, 2025, when the Trump administration takes over the Federal office.
This is a big win for the crypto industry. The incumbent SEC Chair Gary Gensler has been a polarizing figure in the crypto community due to its strict regulatory approach to the market.
According to Gensler, it’s the only way to “put the cryptocurrency market under regulation”
But as per crypto players, such stringent regulation “hinders the potential valuation growth of cryptocurrencies”
Crypto Backer Paul Atkins to Take Over US SEC
On December 4, Donald Trump appointed Paul Atkins as the new chair of the US Securities and Exchange Commission.
Trump believed that Atkins’ six-year experience as a former SEC commissioner and his cryptocurrency advocacy made him a good fit for the position.
According to Trump, Atkins is a “proven leader for common-sense regulations” as he recognized cryptocurrency value in making America greater than ever before.
What to Expect Now that Bitcoin Broke the $100k Mark?
After hitting this milestone, speculators, investors, and traders share the same question—what’s next to it?
Here are four things you need to know that will shape the future of Bitcoin and the overall crypto market.
Now A USD 2.02 Trillion Asset
Bitcoin’s market cap rose to 2.02 trillion following the price surge. This makes this cryptocurrency the 6th largest global asset as per market cap.
Additionally, it’s forecasted to enter the top five global assets once its price reaches $109k. This would result in a 2.15 trillion market cap for Bitcoin, potentially surpassing Alphabet’s 2.14 trillion market cap.
Here are the top five global assets as of the end of 2024:
| Asset | Market Cap |
| Gold | USD 17 trillion |
| Apple | USD 3.67 trillion |
| Nvidia | USD 3.55 trillion |
| Amazon | USD 2.29 trillion |
| Alphabet (Google) | USD 2.14 trillion |
Crypto and Bitcoin Investors’ Boosted Confidence
Bitcoin and crypto investors and speculators shared new-found confidence with the ongoing market support from global leaders.
Coupled with optimism and greed, this market confidence poised Bitcoin to further rally.
Instead of the fear of it declining to USD 0 once retreated, investors now look for entry points. They know that Bitcoin’s valuation will remain due to a more clear and friendly regulatory landscape.
Price Correction is Possible
Again, price retreat or correction is still on the table. Especially, that the bitcoin market is “levered to the gills”.
The majority of crypto exchanges retain their “Extreme Greed” rating for Bitcoin. This unwavering investor’s greed sentiment despite the surge suggests that the overvalued Bitcoin could potentially decline to correct its valuation.
According to analysts, investors and speculators should monitor key Bitcoin support levels around $90,500, $80,500, and $70,000.
Continue Monitoring the Bitcoin Market
Several months before the end of 2024, experts and investors knew that Bitcoin breaching the $100k point was only a matter of time.
In December, the market anticipation finally manifested as Bitcoin topped over $103,000. The major catalysts behind the price surge were the growing global leaders’ support and acceptance and the changing regulatory attitude.
However, there’s more to the future of Bitcoin aside from its current price and a new milestone. Continue analyzing the Bitcoin market to stay informed about its development.
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