Bitcoin Sets New ATH at $106,300

The leading cryptocurrency reached a new all-time high (ATH), briefly exceeding $106,300. This surge propelled the total crypto market capitalization to a record $3.92 trillion.

According to CoinGecko, BTC reached an ATH of $106,352. As of 10:00 a.m. (GMT+2) on December 16, 2024, a slight correction brought the price down to around $104,900. Bitcoin’s dominance rate currently hovers just above 57%.

The main catalyst behind this surge was Donald Trump’s statement on CNBC, confirming his plans to support Bitcoin as a strategic reserve. He noted that such a move would secure the United States’ leadership in the digital asset sector. Moreover, similar proposals are under consideration at the state level in Texas, Florida, Alabama, and Pennsylvania.

Another significant factor driving Bitcoin’s rally is the anticipation of a U.S. Federal Reserve rate cut. According to Forbes, Fed officials may announce a 25 bps reduction at their upcoming meeting on December 18. 

Bitcoin’s previous ATH of $103,700 was set less than two weeks ago. Subsequently, CP Media analyzed potential growth limits for Bitcoin and the factors driving its rise. One of the key drivers identified was the use of BTC as a reserve asset.