Bitcoin’s market capitalization has surged to $2.04 trillion, officially placing it ahead of nearly every company in the S&P 500.
Its price was worth $101,791 at press time, and it hit an all-time high of $103,587 just this morning. The only giants worth more than Bitcoin right now are Apple and Microsoft.
The apex crypto has managed to surpass Amazon, Alphabet, and even Nvidia in terms of market value. The broader crypto market also saw a sharp increase, with its total capitalization climbing to $3.5 trillion.
Bitcoin is taking it this year
Bitcoin is up 140% in 2024, with nearly half of that growth occurring after the recent U.S. presidential election, with optimism surrounding pro-crypto policies expected under President-elect Donald Trump.
The announcement of Paul Atkins as the nominee for SEC chair has been a driving factor in the $100,000 milestone. Atkins is a crypto advocate, a contrast to outgoing SEC Chair Gary Gensler, whose tenure was aggressive.
From its creation during the 2008 financial crisis, Bitcoin has defied critics, steadily building a foundation for adoption. Its original purpose, outlined in the Bitcoin Whitepaper by Satoshi Nakamoto, was to create a peer-to-peer financial system free from centralized control.
That vision is now resonating with major institutions. The bull run is also closely tied to increasing institutional interest in Bitcoin ETFs.
And Trump’s administration has laid the groundwork for policies that could further boost Bitcoin. Proposals include eliminating taxes on crypto transactions, creating a national Bitcoin reserve, and encouraging public crypto IPOs, so it’s justifiable that everyone is super bullish right now.
Mike Novogratz of Galaxy Digital said, “Over the long term, I’m bullish. It won’t be a straight lineup, and investors should always consider taking gains off the table. But, with a pro-crypto administration about to take charge in the U.S., it’ll be hard for the rest of the world not to take notice.”
Trump is also expected to announce who will be the first-ever White House Crypto Czar on Inauguration Day.
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