On Thursday, December 5, the price of Bitcoin surpassed $100,000. This was reported by CoinMarketCap.
The psychological barrier was breached around 7:40 AM Tashkent time. Half an hour later, the token was being offered for over $103,000, after which the price stabilized around this mark with slight fluctuations.
At the time of publication, Bitcoin is being sold for $103,250. Over the last 24 hours, the price has increased by approximately 7.5%, while the weekly gain was slightly higher at 7.7%.
A number of other cryptocurrencies also surged. For instance, Ethereum rose by 4.8% in a day, reaching $3,850 for the first time since spring. Dogecoin increased to 45 cents per token, which is nearly 10% higher than the previous day.
On the other hand, the cryptocurrency Solana decreased by 1.4% and is currently trading at $235. Toncoin is priced at $6.84, down by 4%, while XRP plummeted by nearly 11% over the day.
Reasons for Bitcoin's Increase
The cryptocurrency began to rise significantly following Donald Trump's victory in the U.S. presidential elections. On November 6, Bitcoin first reached $75,000, and by November 12, it exceeded $90,000.
Financial analysts consider the decision by the U.S. Federal Reserve to lower key interest rates on November 7 as one of the key factors behind the cryptocurrency rally. Additionally, the rhetoric from Trump and one of his main campaign sponsors, Elon Musk, may also impact the market.
A November note from the Bernstein analyst group stated that Bitcoin could reach $100,000 in the near future. By the end of 2025, a further doubling to $200,000 is not ruled out.
Many experts note the persistent volatility of cryptocurrency prices. However, as highlighted by Jay Jacobs, head of the ETF division at investment firm BlackRock, an increasing number of investors view Bitcoin as a safe asset against the devaluation of traditional currencies and geopolitical risks.
Earlier, Spot reported on how NAPP justifies strict requirements for the crypto sector in Uzbekistan.