The price of Bitcoin (BTC) has made history once again. For the umpteenth time this year, the premier coin jumped to an All-Time High (ATH) above $108,000, the first leap in its more than 15-year history. Per current market trend, Bitcoin price soared as high as $108,268.44, jumping by over 1.5% in 24 hours.
Bitcoin Steady Surge, What To Expect Next
Earlier this week, BTC price crossed $107,000 to outpace its previous milestones. The coin has recorded a very interesting price trajectory over the past year, soaring from a 52-week low of $38,521.89 to its current level.
Many market experts believe the coin is currently in a price discovery mode. While uncertain, some predict the coin could soar as high as $200,000 in this ongoing bull run. The current trend around the coin makes this prediction plausible.
As hinted by top market analyst Ali Martinez, Bitcoin whales accumulated 70,000 BTC in the past 48 hours. This accumulation is worth a total of $7.28 billion. This acquisition has positioned the top coin for a massive supply crunch, one that may further push the price upward in the coming weeks.
#Bitcoin whales bought over 70,000 $BTC in the last 48 hours, totaling more than $7.28 billion! pic.twitter.com/lEoVzmZ4i2
— Ali (@ali_charts) December 17, 2024
MicroStrategy is one of the major institutional whales that announced the acquisition of BTC within this time span. As reported earlier by Coingape, the business intelligence and software firm bought 15,350 BTC for $1.5 billion. This effectively raised the company’s total Bitcoin holdings to 439,000 BTC, which it acquired for $27 billion.
Other firms like Semler Scientific, Mara Holdings and Riot Platforms have also intensified their stake in Bitcoin over the past few weeks.
The Regulatory Change To Drive Adoption
Despite the presence of spot Bitcoin ETF in mainstream markets like the United States, the adoption of BTC is still considered sub-optimal. However, this is likely to change with the incoming administration of President Donald Trump.
The incoming president is working on a national Bitcoin strategic reserve. With a congressional Bill submitted to back this proposal and the convening of a Crypto Advisory Council to oversee the implementaton.
Beyond the plan to use the Bitcoin reserve to solve the country’s debts, there are projections it can trigger a ripple effect for other countries, thus driving the price in the long term.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/bitcoin-crosses-108000-for-the-first-time-ever/
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