Bitcoin Surpasses $103,000 After Trump’s Pro-Crypto Pick for SEC

Bitcoin prices rose to an all-time high of $103,630 during early trading in Asia on Thursday, December 5, according to Tradingview on Binance.

The consolidation break surged more than 7% over the past 12 hours as the asset rallied from an intraday low of around $95,000.

Bitcoin has gained 140% year to date, outperforming most traditional assets. The latest move has also pushed its market cap past $2 trillion for the first time in history.

BREAKING: #Bitcoin it officially reaches $2 trillion in market capitalization for the first time in history.

This comes just 5 minutes after Bitcoin crossed the all-time high of $100,000.

Bitcoin is now the seventh most valuable asset in the world. pic.twitter.com/x427zNKQh6

— Kobeissi Letter (@KobeissiLetter) December 5, 2024

Bitcoin in six figures

Analyst Miles Deutscher commented: “The ideal scenario for $BTC would be to close above the daily, consolidating for a few days between $100,000 and $105,000, and then break out to $120,000.”

Meanwhile, Bitcoin pioneer Anthony Pompliano said $100,000 is a psychological milestone before adding:

“All the boomers will wake up to the headlines tomorrow and then buy Bitcoin just in case they were wrong. Welcome to the next phase of the game.”

The big move followed news that President-elect Donald Trump tapped Paul Atkins to replace outgoing Securities and Exchange Commission Chairman Gary Gensler. Trump has promised to end the Biden administration’s war on crypto, which was led primarily by the SEC and Gensler.

In addition, Russian President Vladimir Putin said at an economic forum in Moscow that no one can ban the use of Bitcoin and other cryptocurrencies, Bloomberg reported.

When BTC hit the six-figure milestone, ETF Store President Nate Geraci posted a list of quotes from bankers, politicians, and billionaire boomers who mocked the asset over the past few years.

“Vaporware”

“There is no intrinsic value”

“Based on thin air”

“It’s a scam”

“How can anything be worth”

“Rat Poison Squared”

“Pseudo Active”

“It’s a fraud”

“Worse than tulip bulbs”

“Ponzi Scheme”

“wicked”

“Fool’s Gold Latest Iteration”

Bitcoin Eclipses *$100,000*…

— Nate Geraci (@NateGeraci) December 5, 2024

It is unclear how high the asset will rise as a portfolio Mt. Gox transferred 24,052 BTC worth about $2.43 billion to a new wallet after the price broke through $100,000, Lookonchain reported on December 5.

Crypto Market Cap ATH

The total crypto market cap rose to an all-time high of $3.87 trillion after Bitcoin’s big move, which took everything else out.

Ethereum (ETH) has also broken out, taking advantage of $3,924 as it moves towards the psychological barrier of $4,000.

Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) were also making bigger gains, as were Polkadot (DOT), Bitcoin Cash (BCH) and Sui (SUI).

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