Bitcoin has set a new all-time high of $106,449, according to CoinMarketCap data on December 15. The price jump, nearly 5% in a single day, seems to be fueled by growing speculation that Bitcoin could one day be adopted as a reserve asset in the United States. The holiday season might also be playing a part in driving enthusiasm.
Currently priced at $104,740, Bitcoin is up 2.85% for the day. Over the past year, its value has skyrocketed by more than 145%, with a 14% increase in the last month alone. These numbers reflect the asset’s growing appeal, especially as major economic and political developments unfold.
Talk of the Federal Reserve introducing a rate cut this month and speculation that Trump could make Bitcoin a reserve asset from “day one” of his administration have created a lot of positive sentiment. While these ideas are still up in the air, they have fueled optimism in the market.
Since Donald Trump won the U.S. presidential elections in November, both Bitcoin and the broader cryptocurrency market have seen a strong rise in value. Though there is uncertainty about how new policies related to digital assets will play out, some believe recent developments are building momentum for Bitcoin.
The market sentiment shows just how confident many investors feel right now. According to the Crypto Fear and Greed Index, the sentiment is in the “Extreme Greed” zone, scoring 83 out of 100. For those new to this metric, the index measures emotions and attitudes in the market. Higher scores typically indicate a lot of enthusiasm and positivity among investors.
Bitcoin Fear and Greed Index is 83 – Extreme Greed
Current price: $105,104 pic.twitter.com/TxDVxhy52S— Bitcoin Fear and Greed Index (@BitcoinFear) December 16, 2024
As we reported on earlier in the weekend, when we look at Bitcoin whales—large holders of Bitcoin who often influence the market—there’s no sign of them selling off their holdings, suggesting that the rally might still have room to grow.
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