Crypto bros and crypto sisters: Our time has come. Bitcoin just blasted through the US$100,000 mark! This epic surge comes after a wild ride that saw Bitcoin gain a whopping 126% since the beginning of the year.
It is hard to believe that back in January, Bitcoin was chilling around US$44,000. Seems like a lifetime ago!
What's fuelling this rocket?
A slew of prime ingredients have coalesced to create this perfect golden stew for Bitcoin. Firstly, there has been a massive influx of cash into Bitcoin ETFs – over $31 billion.
Then there was the halving back in April, which cut the supply of new Bitcoin in half.
Big players like MicroStrategy are buying even more Bitcoin than they already have, hoarding like squirrels about to enter deep winter.
And let's not forget the US election results... there’s no circus like a US election… and this one is one of the better ones for crypto. With the new president knocking on the door of the Oval Office, there's a lot of buzz about the US potentially creating a strategic Bitcoin reserve.
And with the drastically unpopular current SEC Chairman Gary Gensler on his way out, and the new pro-crypto overlord Paul Atkins on his way in, it’s a signal flare that there may be good times all round for the crypto crowd for some time yet.
A new era for Bitcoin?
This latest milestone means Bitcoin's market cap has now smashed through the US$2 trillion mark – an all-time high.
While this rally is definitely one for the history books, it's not quite as insane as the 2017 bull run, which saw Bitcoin skyrocket by almost 2,000%.
But the future hasn’t happened yet. We could be in a sliding door moment where it all works out for the crypto bros wanting that Lambo.
Roll on, digital gold.
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