Bitcoin has surged to a remarkable new all-time high, surpassing $107,000.
Having reclaimed the significant $100,000 mark, Bitcoin (BTC) continued its upward trajectory, peaking at $107,172 on the U.S.-based crypto exchange Coinbase. This record-setting climb was fueled by the largest corporate holder of BTC, which purchased an additional $1.5 billion worth of the cryptocurrency.
Bitcoin crossed the $104 threshold on December 5, 2024.
Nevertheless, profit-taking led to a decline to a low of $97,044, where it faced challenges in gaining upward momentum for the following nine days. On December 15, 2024, bullish sentiment surged, pushing the price past its previous high, spurred by optimistic remarks from U.S. president-elect Donald Trump.
The spike to above $107,000 coincided with MicroStrategy’s acquisition of 15,350 BTC, bringing their total Bitcoin holdings to 439,000. As BTC reached its new ATH, MicroStrategy’s shares also experienced a boost, starting with a 6.5% increase in pre-market trading.
Bitcoin’s impressive rally, which experts believe may continue, also represented a notable milestone.
In a post on X, seasoned trader Peter Brandt pointed out that the Bitcoin-to-gold ratio has reached a new all-time high of 39. This means it takes 39 ounces of gold to purchase one BTC. Brandt indicated that the next resistance level might be at 89, suggesting Bitcoin’s ongoing strength against gold. At the time of this writing, gold was priced at $2,670.3 per ounce.
In addition, spot Bitcoin exchange-traded funds have seen net inflows for five consecutive days.
The market noted total inflows of $2.17 billion from December 9 to 13. With a crypto-friendly Trump administration poised to take office in the U.S., factors such as spot ETFs and enhanced regulatory clarity are fostering bullish sentiment, with the next target for BTC set at $110,000.
