Bitcoin’s journey from $44K to more than $100K during 2024

Bitcoin started 2024 at $44,000 and soared to more than $100,000 for the first time this week after hovering around that figure for weeks, according to data from Coinmarketcap website, Azernews reports, citing Anadolu.

The long-awaited milestone was reached with the optimism that was led by President-elect Donald Trump’s moderate stance and regulations on cryptocurrencies. Bitcoin’s market cap surpassed $2 trillion, which makes it as valuable as one of the top companies, such as chipmaker Nvidia.

Trump promised to make the US “the crypto capital of the planet” and to establish a national Bitcoin reserve that would allow the country to hold Bitcoin for strategic purposes, which is expected to encourage other countries to create their own.

Bitcoin gained around 44% in the month after the US presidential elections.

President Joe Biden has imposed tightening regulations on crypto assets while US Securities and Exchange Commission (SEC) Chair Gary Gensler also took a tough stance against the crypto market. His announcement that he would leave his post was reflected positively on the cryptocurrency market.

Trump nominated cryptocurrency and deregulation advocate Paul Atkins for Gensler’s job.

The Republican majority in the Senate and House of Representatives also bodes well for crypto assets.

Bitcoin’s history with fluctuations

Bitcoin was developed in 2009 by someone or people operating under the pseudonym Satoshi Nakamoto, whose identity is still unknown, with an understanding of a decentralized and limited supply of money independent of state control.

Thousands of Bitcoins used to be valued at $1, and in fact, the price of Bitcoin dropped to $0.1 in 2010. Though the cryptocurrency showed rapid growth the next year, increasing above $1,000 in 2013, it fell again.

Bitcoin saw prices as high as $12,000 in mid-2019 but plummeted to around $4,000 after the coronavirus pandemic, though the interest grew, as companies and investment funds saw opportunities in cryptocurrency as a hedge against inflation, which led to a rise in Bitcoin prices to more than $60,000 in early 2021.

Bitcoin’s halving this year also contributed to the unprecedented rise.