Bitcoin Surges Past $105,000 for the First Time Ever, Making a New All-Time High

This comes as optimism remains sky-high on the back of a crypto-friendly US presidential administration.

Bitcoin price hit a new all-time high of $105,000 on Monday, continuing its record-breaking rally amid optimism over a crypto-friendly US presidential administration.

The world’s largest cryptocurrency had already breached the $104,000 level earlier in the day.

Bitcoin price now up 50% since Trump’s election

As reported by Cryptonews last night, President-elect Donald Trump confirmed his plans to back a national Bitcoin strategic reserve proposed by crypto-loving Senator Cynthia Lummis.

Bitcoin has enjoyed a stellar rally since Trump’s election victory in November, adding around 50% in just over a month.

Investors are placing huge bets on the changes that will come about under his administration, especially with Trump making it clear that he is no fan of current SEC Chair Gary Gensler, whose regulatory crackdowns have been a thorn in the crypto community’s side.

The decision to replace Gensler with Paul Atkins, a known crypto ally, has made the market even more bullish.

Bitcoin-based ETFs have been a game changer this year, and 2024 has been all about capital flowing in at an insane pace. Just last week, spot Bitcoin ETFs recorded $676 million in inflows.

The derivatives market is also on fire. Open interest in Bitcoin futures and options has hit record levels. Everyone is betting on where it’s headed next, and the sentiment is overwhelmingly bullish.

Altcoins getting left behind as investors double down on Bitcoin

Meanwhile, altcoins have been getting left in the dust, with Bitcoin’s market share growing as investors double down on the one crypto they trust the most.

While enthusiasm is high, there are signs of caution. Liquidity clusters around $100,000 suggest some volatility ahead. If prices dip, it’s likely a temporary pullback as the market resets before making another run.