The world’s largest and most well-known cryptocurrency hit US$100,000 in December, a milestone that has ignited “animal spirits” among supporters of the once-nascent asset class.
A more than 120 per cent surge in bitcoin this year and a nearly 50 per cent jump in ether, the second-largest cryptocurrency, have propelled the sector’s market value to roughly US$3.5 trillion, according to CoinGecko data.
More gains are in store for 2025, according to analysts.
“We remain convinced US$100,000 is not the final milestone,” analysts at brokerage Bernstein wrote in a client note last month. “We expect bitcoin to hit a cycle-high of US$200,000 in late 2025.”
MicroStrategy, a software firm that has become the world’s largest corporate holder of bitcoin, has seen its shares surge nearly five-fold in 2024.
