Bitcoin rises above $100,000 as market momentum increases
Bitcoin touched the price of $101,014 (approximately Rs. 85.7 lakh) on global exchanges on Thursday, December 12. At the time of writing, data from CoinMarketCap showed that the price of BTC has risen 3.66 percent over the past 24 hours. This is the second time this month that the most expensive cryptocurrency has historically surpassed the $100,000 mark (approximately Rs. 84.8 lakh). On Indian exchanges such as Giottus and CoinSwitch, BTC grew in price by over three percent and traded at $100,727 (approximately Rs. 85.4 lakh). Since its launch in 2009, Bitcoin has come a long way since trading at just $0.10–$0.20 (approximately Rs. 8.50–Rs. 16.9) in October 2010.
“Expectations of a 25 basis point rate cut at the upcoming Fed meeting, following positive CPI data, boosted market sentiment. Bitcoin is facing its next resistance at $103,500 (approximately Rs. 87.8 lakh) and support at $98,400 (approximately Rs. 83.5 lakh),” Edul Patel, CEO of Mudrex, told Gadgets360, describing BTC’s peak explained.
Following Donald Trump’s victory in the US elections, the crypto market, led by Bitcoin, saw a significant increase. On December 5, Bitcoin crossed the $100,000 mark for the first time in its history. That same week, reports emerged about the fact that US SEC Chairman Gary Gensler will resign in 2025 under the Trump administration. Gensler, known for his crypto-skeptical stance, has been a central figure in the crackdown on companies like Kraken, Binance and Coinbase.
On Thursday, following Bitcoin’s rally, experts noted that the overall market is experiencing a remarkable rebound.
Speaking to Gadgets360, Shivam Thakral, CEO of BuyUCoin, said that the “stablecoin sector has surpassed a historic market cap of $200 billion (approximately Rs. 16,97,209 crore) for the first time. This milestone reflects an increase of 13 percent in just one month, driven by increased demand for stable assets and significant adoption across various financial applications, including payments and remittances.”
As shown by Gadgets360’s crypto price tracker – Ether, Ripple, Binance Coin, Dogecoin, Cardano, Tron, Chainlink. And Shiba Inu also trades in profits.
The total market capitalization for cryptocurrencies increased by 5.41 percent in the past 24 hours. With this, the sector’s valuation reached $3.65 trillion (approximately Rs. 3,09,71,199 crore) on Thursday, according to CoinMarketCap.
Meanwhile, Tether, Solana, USD Coin, EOS Coin and Elrond saw losses.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
