Bitcoin crosses $100,000 for the second time this month.
The valuation of the sector reached $3.65 trillion
Photo Credit: Pixabay/ WorldSpectrum
Bitcoin on Thursday, December 12 reached the price point of $101,014 (roughly Rs. 85.7 lakh) on global exchanges. At the time of writing, data by CoinMarketCap showed that the price of BTC grew by 3.66 percent over the last 24 hours. This is the second time this month that the most expensive cryptocurrency has historically surpassed the $100,000 (roughly Rs. 84.8 lakh) price mark. On Indian exchanges like Giottus and CoinSwitch – BTC grew in price by over three percent to trade at $100,727 (roughly Rs. 85.4 lakh). Since its 2009 launch, Bitcoin has come a long way from trading at just $0.10–$0.20 (roughly Rs. 8.50–Rs. 16.9) in October 2010.
“Expectations of a 25-basis-point rate cut in the upcoming Fed meeting, following positive CPI data, boosted the market sentiment. Bitcoin faces its next resistance at $103,500 (roughly Rs. 87.8 lakh) and support standing at $98,400 (roughly Rs. 83.5 lakh),” Edul Patel, CEO of Mudrex told Gadgets360, explaining BTC's spike.
Following Donald Trump's victory in the US elections, the crypto market, led by Bitcoin, saw a significant surge. On December 5, Bitcoin crossed the $100,000 mark for the first time in its history. That same week, reports emerged about US SEC Chair Gary Gensler being set to step down in 2025 under Trump's administration. Gensler, known for his crypto-skeptic stance, has been a central figure in regulatory crackdowns on firms like Kraken, Binance, and Coinbase.
On Thursday, following Bitcoin's rally, experts noted that the overall market is experiencing a remarkable resurgence.
In conversation with Gadgets360, BuyUCoin CEO Shivam Thakral said that the “stablecoin sector has surpassed a historic $200 billion (roughly Rs. 16,97,209 crore) market capitalisation for the first time. This milestone reflects a 13 percent increase in just one month, driven by heightened demand for stable assets and significant adoption across various financial applications, including payments and remittances.”
As shown by the crypto price tracker by Gadgets360 -- Ether, Ripple, Binance Coin, Dogecoin, Cardano, Tron, Chainlink. And Shiba Inu are also trading in gains.
The overall crypto market cap rose by 5.41 percent in the last 24 hours. With this, the valuation of the sector reached $3.65 trillion (roughly Rs. 3,09,71,199 crore) on Thursday, according to CoinMarketCap.
Meanwhile, Tether, Solana, USD Coin, EOS Coin, and Elrond saw losses.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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