Financial Insights That Matter
On December 16, Bitcoin surpassed $107,000 for the first time making a record high. Bitcoin has been growing significantly in the last few weeks and many analysts believe that it can reach $500,000 by 2025. The world’s largest cryptocurrency went as high as $107,100 on Monday and dipped back to $105,000 by the mid-day trading. Bitcoin has risen around 140% since the start of the year.
Bitcoin has been on an unexpected rally since Trump won his second presidential election in the US. Several traders believe that there will be more friendlier regulations of the cryptocurrency after the elections result, which is the major reason behind the stellar rally of Bitcoin. According to CoinMarket Cap data, the trading value of Bitcoin climbed to $81.29 billion on December 16, 82% more than the previous 24 hours.
Bitcoin Reaches New Heights: Record Highs in 2024
Bitcoin has been on one of its longest and unprecedented rallies for the last few weeks. According to CoinMarketCap, the total volume of all stablecoins has reached $188.69 billion, making up 92.6% of the crypto market’s 24-hour volume. Meanwhile, the global cryptocurrency market cap has increased by 0.7%, now standing at around $3.73 trillion.
Over the past 24 hours, Bitcoin’s market cap, the largest cryptocurrency, rose to $2.11 trillion. Bitcoin now holds a 56.6% dominance in the market. Additionally, its trading volume surged by 28.1%, reaching $80.2 billion.
MicroStrategy Boosts Bitcoin Holdings
MicroStrategy, the largest corporate buyer of Bitcoin, is now being added to the NASDAQ 100 with two other hot-company stocks on December 2023. It will bring more attention from tech investors to the company. Recently, MicroStrategy announced that it has bought another 15,530 Bitcoins adding to its holdings. The total Bitcoin stack of a company is worth around $44 billion.
Founders Weigh in on Bitcoin’s Rally
As Bitcoin continues its impressive rally, founders across industries are sharing their thoughts on its impact. Many view the surge as a sign of growing acceptance and stability in the crypto market, while others discuss the potential risks and opportunities ahead.
Avinash Shekhar, co-founder and CEO of Pi42 said, “While Bitcoin is now leading with strong fundamentals, historical trends indicate that altcoins, such as Ethereum and Solana, will likely follow suit. Ethereum rallying above the $4,000 mark shows confidence returning to institutional investors, enhanced by on-chain activity and its dominance in decentralized finance. While Ethereum can consolidate a little because of the selling pressure the overall market sentiments are bullish.”
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.