Bitcoin reached a historic milestone on December 5, surpassing the $100,000 mark for the first time, signifying a transformative moment for the cryptocurrency market following a year of remarkable growth. The digital asset achieved this psychological breakthrough shortly after hitting $99,000 on November 22. Bitcoin then set a record high of $104,000 on December 5.
This achievement comes on the back of significant developments throughout the year, including over $31 billion in net inflows from spot Bitcoin exchange-traded funds (ETFs) in the United States and reduced supply following Bitcoin’s fourth halving in April.
Additional factors bolstering Bitcoin’s rise include Republican Donald Trump’s victory in the US presidential election in November, growing discussions around establishing a Bitcoin national reserve, and increased corporate adoption led by figures like MicroStrategy's Michael Saylor.
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Predictions now see Bitcoin reaching $128,000 by the end of this month, with a 10% probability of Bitcoin exceeding this threshold.
Ether has surged past $4,000 after months of subdued price action, reaching levels last observed in March 2024. It has risen by over 10% in the past week, marking a significant recovery after an extended period of trading below its 200-day exponential moving average. Experts suggest Ether may climb as high as $7,000 in this market cycle, driven by unprecedented ETF inflows and the strong development activity on the Ethereum network.
Image Source: TradingView
The US Securities and Exchange Commission (SEC) is likely to reject applications for spot Solana exchange-traded funds (ETFs), showing its hesitation towards approving new crypto ETFs under the current leadership. Some believe this decision reflects Chair Gary Gensler’s last move against the crypto industry.
Over the past few months, several companies have tried to create Solana ETFs. These funds would let regular investors buy into Solana easily, just like they would buy shares of a regular stock. Supporters believe this could help more people join the crypto market without having to deal with complicated crypto exchanges or wallets.
If the SEC turns down these ETFs, it will continue a pattern seen under Gensler’s leadership. By not allowing Solana ETFs, the SEC is sending a clear message: it still does not fully trust or support these new types of investments. For investors and companies hoping to see the crypto market blend smoothly with traditional finance, this decision shows that there is still a long way to go.
The coming weeks could see heightened volatility across the crypto market, with Bitcoin’s recent rally setting the stage for possible price corrections or consolidation as it targets the anticipated $128K mark. Ethereum’s growing momentum highlights increased investor interest, potentially fuelled by new decentralised applications or ecosystem updates. Meanwhile, altcoins like Solana may face added pressure from regulatory uncertainty and market sentiment shifts, especially as the SEC weighs ETF rejections. Traders will likely navigate these developments cautiously, anticipating potential impacts from institutional moves and macroeconomic triggers, which could play a pivotal role in shaping the market's trajectory through the coming weeks.
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