The price of Bitcoin (BTC) has risen above the key threshold of $100,000 U.S. for the very first time as the rally in cryptocurrencies continues.
The largest cryptocurrency by market capitalization has risen nearly 4% in the last 24 hours to trade at $102,433 U.S.
At one point, Bitcoin was as high as $103,844.05 U.S., a new record. For the year, the digital token has now increased 132%. Its gained nearly 50% since the U.S. election on Nov. 5.
Major cryptocurrencies have rallied on expectations that president-elect Donald Trump will create a more favorable environment for digital assets.
So far, it looks like Trump is making good on his campaign promises.
Bitcoin breached the $100,000 U.S. level after Trump nominated Paul Atkins as chair of the U.S. Securities and Exchange Commission (SEC). Atkins is viewed as supportive of crypto.
There is hope that Trump will deliver on several other pro-crypto initiatives, including the establishment of a strategic Bitcoin reserve and no taxes on crypto transactions.
Bitcoin and other cryptocurrencies, including Ethereum (ETH), have also rallied this year after exchange-traded funds (ETFs) that track their price movements were launched in the U.S.
Major asset managers such as BlackRock (BLK) and Fidelity have launched spot Bitcoin and Ethereum ETFs, a move that crypto bulls call “Bitcoin’s IPO moment.”
Federal Reserve Chair Jerome Powell recently talked positively about Bitcoin, saying the cryptocurrency is “just like gold only it’s virtual, it’s digital.”
