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

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.

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.