- Bitcoin price had cooled off a little at the time of writing but was still trading above $100,000 at $102,874
- Bitcoin’s market capitalisation increased by 7.18% over the past day to settle at $2.03 trillion
- Ethereum, the world’s second-largest cryptocurrency, was eyeing $4000, trading at $3,927, up 5.91% in the past day
On December 5, 2024, Bitcoin, the world’s largest cryptocurrency by market capitalisation, surpassed the highly anticipated $100,000 mark and hit a new all-time high of $104,000. The coin also crossed another bar to reach the $2 trillion in market capitalisation.
According to Coinmarketcap data, the price had cooled off a little at the time of writing but was still trading above $100,000 at $102,874. The coin’s market capitalisation increased by 7.18% over the past day to settle at $2.03 trillion, while the volume of trade had surged by 89.62% to settle at $128.70 billion.
The massive bull run is not just on Bitcoin but has affected other coins in the market. Ethereum, the world’s second-largest cryptocurrency, was eyeing $4000, trading at $3,927, up 5.91% in the past day, with a market capitalisation of $472.84 billion and 24-hour trading volume of $65.37 billion.
Solana, the fifth-largest crypto by market capitalisation, was also in green, trading at $244 (up 5.04% in the past day). It has a market capitalisation of $116.28 billion and a 24-hour volume of trade of $8.13 billion.
Generally, the global crypto market was bullish, with a market capitalisation of $3.71 trillion, a 4.22% increase over the last day.
The total crypto market volume over the last 24 hours increased by 24.50% to $359.59 billion. The total volume in Decentralised Finance was $27.88 billion, 7.75% of the total crypto market 24-hour volume. The volume of all stablecoins was $328.12 billion, 91.25% of the total crypto market 24-hour volume. Bitcoin has maintained its dominance at 54.92%, an increase of 1.44% over the day.
What next for Bitcoin? Will Bitcoin reach $200k in 2025?
As Bitcoin reached a new all-time high, the question now is what next for Bitcoin? Per Crypto News Flash, Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, has said Bitcoin will likely end 2024 at $125,000. He added that by December 2025, the price could reach $200k.
Kendrick pointed out that Trump's pro-crypto promises—such as replacing Gary Gensler and creating a strategic reserve of Bitcoin—might act as a tailwind.
On the other hand, Gracy Chen, CEO of Bitget, says that now that Bitcoin has crossed the $100,000 mark, it will likely fall back to $74,000.
How 9,200 crypto users lost $9.3 million to scammers in November
Meanwhile, TheRadar earlier reported that in November 2024, 9,200 crypto users lost $9.3 million in various crypto scams, including fraud and phishing. This is according to data released by ScamSniffer, a blockchain analytics platform.
ScamSniffer said the lost funds were in various cryptocurrencies, including WBTC. In a post on X, the analytics platform revealed that the most significant loss ever incurred by one person was $661,000 in stETH, a utility token called StETH. StETH is crypto token that represents an equivalent amount of Ethereum (ETH) that has been deposited to support blockchain operations.
