After a major surge on the largest digital currency in the world late Wednesday, this year’s rally has continued to be impressive.
CoinGecko’s data show that Bitcoin broke the $100,000 barrier at 9:45 PM ET. It soared past this level and landed just over $103,000.
Over the last 24 hours, the native token of Bitcoin layer-2 Stacks (STX) experienced the largest uplift, rising 15% to $3, while The Sandbox (SAND) came in second—up 14% to $0.87.
Rallying off the market frenzy, it also experienced a revival in Altcoins that have been around for a long time Bitcoin and Ethereum are both affiliated.
Ethereum Classic (ETC), and Bitcoin SV, have both extended their rallies, reaching levels not seen since March or April. ETC has increased by 17% in the last week to $35, while BSV is now up 18% at $84.30.
Investors are wondering, given the historical milestone, how much further the rally will go before Donald Trump is re-elected to the White House on January 20, 2017.
Analysts say that the market is only just beginning to warm up.
“If we look at past market cycles, it still feels like we’re reasonably early in this bull market,” Josh Gilbert, a trading analyst for eToro told Decrypt.
Gilbert warns market participants that they should be aware of “profit taking” Encourage them along the way to keep in mind that asset values rarely increase straight up “forever.”
“Drawdowns for Bitcoin are par for the course, but it feels like it's going to take something big to slow down Bitcoin right now.”
Pav Hundal, the lead analyst of Swyftx and others, also agree.
“The market is still showing a lot of bidding activity,” Hundal told Decrypt. “Crypto exchange volumes hit new highs in November and order flows just keep pushing up. This is a straightforward forward momentum rally.”
Wednesday’s surge comes after Trump selected Paul Atkins, an ex-commissioner at the Securities and Exchange Commission to be the agency’s next Chairman.
“Crypto users will be enjoying the fact that Bitcoin pushed past $100,000 off the back of Atkins being nominated for Gary Gensler’s job as SEC chair,” Hunal added. “You couldn’t have scripted it.”