Bticoin prices have surged past the $100,000 mark for the first time as retail and institutional investors look to cash in on a Trump-driven market rally.
The cryptocurrency peaked at $103,000 late on Wednesday night before stabilising at $102,900.
With Trump's return to the White House imminent, investors are betting on the introduction of a more supportive regulatory regime for the volatile cryptocurrency. Since election day, the price of a single bitcoin has grown by about 45%, with other tokens similarly lifted by the rising tide.
The market is being driven by increased enthusiasm among retail and institutional investors. Retail demand over the past 30 days has reached its highest levels since 2020, according to a report by CryptoQuant.
BRN analyst Valentin Fournier notes that institutional inflows into bitcoin and ethereum exchange-traded funds remain robust, underscoring growing confidence among institutional players.
Fournier says the the topping of the $100,000 mark puts bitcoin price discovery into unchartered terriroty, that could fuel even further short-term gains.
He cautions: "With the Fear and Greed Index now above 80, signalling extreme greed, investors should remain cautious about the potential for increased volatility and profit-taking."