After rising above $103, Bitcoin is now the 10th largest currency in the world

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Portalcripto2024/12/06 04:11

By:By Roberta Cesar

After recording a significant milestone with an impressive rally above $103K, the Bitcoin has become the 10th largest currency in the world. In a significant development, the largest cryptocurrency in the market has seen a growth of 46% in the last 30 days alone.

After remaining between the levels of US$ 94 thousand and US$ 99 thousand, the Bitcoin (BTC) has managed to surpass the long-awaited $100 level yesterday, December 4, and was trading above $103 this morning. After reaching a new all-time high at $103.679, the price retraced to the current zone. Today, BTC is showing a significant rally with a daily increase of over 7%, trading above $102.

With the recent increase in its value, Bitcoin has reached a new milestone by becoming the 10th largest currency in the world, surpassing even the Real, which is currently in 12th position, according to data released by the platform. FiatMarketCap . This milestone could further legitimize the largest cryptocurrency on the market not only as a speculative investment, but also as a store of value.

After rising above $103, Bitcoin is now the 10th largest currency in the world image 0

Source: FiatMarketCap

It is worth noting that the rise of Bitcoin and the cryptocurrency market was driven by the pro-sector approach adopted by US President-elect Donald Trump, who has shown himself to be a champion of digital assets and proposed regulations that benefit the sector.

At the time of publication, the price of Bitcoin was quoted at US$102.334, up 6.5% in the last 24 hours.

Why Bitcoin is Rising Today

The cryptocurrency reached an all-time high of $100.000, buoyed by market confidence, which was boosted by news that Trump Media was in talks to acquire Bakkt, a popular cryptocurrency trading platform. Additional factors, such as the US Federal Reserve Chairman comparing Bitcoin to gold and Vladimir Putin endorsing the cryptocurrency as a reserve currency against the dollar, helped boost the largest cryptocurrency on the market.

Additionally, Howard Lutnick, Trump’s nominee for Commerce Secretary, is well-known for his support of cryptocurrencies, further contributing to Bitcoin’s rise. The recent launch of options trading on the iShares Bitcoin Trust, the largest Bitcoin exchange-traded fund, also played a crucial role in the price surge.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.

Tags: Bitcoin Cryptos

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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