Bitcoin storms above $100,000 as bets on Trump fuel crypto euphoria

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Bitcoin catapulted above $100,000 for the first time on Thursday, a milestone hailed even by sceptics as a coming-of-age for cryptocurrencies as investors bet on a friendly US administration to cement cryptos' place in financial markets.

The total value of the cryptocurrency market has almost doubled over the year so far to hit a record just shy of $3.8 trillion, according to data provider CoinGecko. By comparison, Apple alone is worth about $3.7 trillion.

Bitcoin's march from the libertarian fringe to Wall Street has minted millionaires, a new asset class and popularised the concept of "decentralised finance" in a volatile and often controversial period since its creation 16 years ago.

Bitcoin has more than doubled in value this year and is up more than 50 per cent in the four weeks since Donald Trump's sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.

Once it broke $100,000 in Thursday's Asian morning, it was soon above $103,000 on its way to an all-time high of $103,619, a surge of about 6% on the day. It was last fetching $101,933 BTC=.

"We're witnessing a paradigm shift," said Mike Novogratz, founder and CEO of US crypto firm Galaxy Digital.

"Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream - this momentum is fuelled by institutional adoption, advancements in tokenisation and payments, and a clearer regulatory path."

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.

"We were trading basically sideways for about seven months, then immediately after November 5, US investors resumed buying hand-over-fist," said Joe McCann, CEO and founder of Asymmetric, a Miami digital assets hedge fund.

On Wednesday, Trump said he would nominate Paul Atkins to run the Securities and Exchange Commission.

Atkins, a former SEC commissioner, has been involved in crypto policy as co-chair of the Token Alliance, which works to "develop best practices for digital asset issuances and trading platforms," and the Chamber of Digital Commerce.

"Atkins will offer a new perspective, anchored by a deep understanding of the digital asset ecosystem," said Blockchain Association CEO Kristin Smith.

"We look forward to working with him...and ushering in, together, a new wave of American crypto innovation."

A slew of crypto companies including Ripple, Kraken and Circle are also jostling for a seat on Trump's promised crypto advisory council.

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