Bitcoin Hits Major Milestone of $100K, Nears $2 Trillion Market Value

Bitcoin's price has surged past the $100,000 mark for the first time in its history, fueled by institutional demand, corporate accumulation and heightened expectations of crypto-friendly policies under Donald Trump's presidency.

Bitcoin tops $100K (BrayLockBoy/Wikimedia Commons, modified by CoinDesk)

Now ahead about 130% year-to-date, bitcoin's market capitalization has risen to just shy of $2 trillion only 15 years after coming into existence. For reference, Nvidia and Apple sport market caps of about $3.5 trillion, Microsoft $3 trillion, and Google and Amazon $2.2 trillion. The market capitalization of all the gold in the world is roughly $17.7 trillion.

At the forefront of this rally was the early-2024 launch of spot-based bitcoin exchange-traded funds (ETF) by asset management giants including BlackRock and Fidelity. These products have been a resounding success, securing assets under management of around $30 billion in less than one year's time.

Despite the success of the ETFs, the move higher in bitcoin seemingly stalled throughout a large chunk of this year, at least in part thanks to regulatory uncertainty surrounding the U.S. presidential election. The early November victory of crypto-friendly Donald Trump, though, spurred new legs for the rally, with bitcoin quickly taking out its March high above $73,500, then in fast time moving past $80,000, then $90,000, and finally $100,000.

Source: CoinDesk

Futures Market Updates

As Bitcoin crossed the $100K mark, funding rates rose to the whopping 0.1075% on BTC futures markets and 0.0677% on ETH futures markets.

Bitcoin Futures Updates

Total BTC Open Interest: $64.81B (+11.09%)

BTC Volume (24H): $142.96B (+79.54%)

BTC Liquidations (24H): $41.67M (Long)/$130.96M (Short)

Long/Short Ratio: 49.01%/50.99%

Funding Rate: 0.1075%

Ether Futures Updates

Total ETH Open Interest: $26.02B (+7.53%)

ETH Volume (24H): $80.09B (+57.08%)

ETH Liquidations (24H): $27.16M (Long)/$61.43M (Short)

Long/Short Ratio: 47.96%/52.04%

Funding Rate: 0.0677%

Top 3 OI Surges

GMCI30: $98.39K (+502.11%)

COMP: $61.60M (+89.17%)

SWELL: $31.66M (+79.83%)