In an unsurprising turn of events, Bitcoin has hit the six figure milestone after setting a previous all time high record of $99,651, only $349 short of $100k, on November 22, 2024.
Since then, the premier cryptocurrency has made a retracement to $90,000, climbed back to $96,000 and has now finally crossed six figures.
Paul Atkin's Nomination
Many believe Bitcoin’s surge can be attributed to Trump’s nomination of Paul Atkins as the new Securities and Exchange Commission (SEC) chair.
Paul Atkins is a well-known cryptocurrency advocate and past SEC commissioner. He joined the SEC in 1990 as a staff member, and in 2002 he was appointed SEC commissioner with his tenure ending in 2008.
Atkins has always been a promoter of cryptocurrency adoption and the American crypto community is optimistic that his term as SEC chair will be a favorable one.
Bitcoin’s Performance
Bitcoin’s new all time high sits at $103,900 and at the time of writing, the cryptocurrency trades at $100,675 and has a 24 hour USDT volume of $9.64 billion.
Despite the impressive growth in price of the token, its market dominance has dropped to 54.42% from 57% within a week. This drop in market dominance is not necessarily a cause for alarm as it indicates that more liquidity is flowing into the altcoins and that the bull market is in full throttle.
When Bitcoin’s market dominance sat at ~60%, its highest in more than three years, it was noted that there was a decline in the performance of altcoins and memecoins.
Conversely, now that there has been a reduction in Bitcoin’s market dominance to 54%, the altcoins have been on an upward rise, examples include $ETH, $DOGE, $SUI and $SOL.
Conclusion
The future is looking extra bright for $BTC as Trump’s administration seems to hold a great deal of promise for Bitcoin’s performance.
The United States presidential inauguration is still over a month away yet there has been a marked improvement in the overall state of the crypto market, this has analysts, and traders alike anticipating Bitcoin reaching $120,000 post-inauguration.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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