Bitcoin loses esteem after crossing $100,000 historic mark

Bitcoin, the most well-known cryptocurrency, after a remarkable feat of crossing $100,000 mark earlier this month ago, showing signs of losing esteem

Bitcoin, the most well-known cryptocurrency, after a remarkable feat of crossing $100,000 mark earlier this month ago, showing signs of losing esteem.

Bitcoin crossed $100,000 mark on December 05, 2024 and traded at a record $109,000 on December 17, 2024.

The cryptocurrency however nose-dived by around $14,000 as the year draws to close.

According to CoinMarketCap, the cryptocurrency traded between $94,500 to $95,400 price in the last three days between December 25 and December 27, 2024.

According to FinTech, Bitcoin's price decreased from approximately $99,300 to $94,500 - a 4.8% drop, between December 25 and December 27, 2024.

The decline has brought Bitcoin to its 50-day moving average, a critical indicator for technical analysts.

Yet Bitcoin delivered an impressive 125% return since the start of the year, outperforming traditional investment benchmarks such as global stocks and gold despite recent fluctuations.

Bitcoin Value Timeline

Bitcoin was launched on January 03, 2009 but started becoming familiar in 2010 when it valued barely $0.1.

A look at the Bitcoin value timeline shows, it crossed $1 value mark in August 2011, $100 mark two years later, $1,000 mark in 2017, and $10,000 in the same year.

"Bitcoin crossing $100,000 is more than just a milestone; it's a testament to shifting tides in finance, technology, and geopolitics," said Justin D'Anethan, a Hong Kong-based independent crypto analyst.

Bticoin crossed $100,000 mark after Trump named Paul Atkins, who is viewed as an advocate of looser regulation of digital assets, as his pick to lead the Securities and Exchange Commission.

Trump to take charge of office as President on January 20, 2025. According to reports, the U.S. Congress is expected to prioritize crypto legislation in 2025.

But the dip in Bitcoin price in the last few days comes amid expectations that the Federal Reserve will slow its pace of interest rate cuts in 2025.

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