Bitcoin Hits Major Milestone of $100K, Nears $2 Trillion Market Value
The early November election of crypto-friendly Donald Trump restarted what had been a stalled rally through much of 2024.

What to know:
- The price of bitcoin has risen above $100,000 for the first time.
- The highly successful introduction of U.S.-based spot ETFs combined with the election of Donald Trump to spearhead the rally.
- Corporate adoption also played a role, with a growing number of companies following MicroStrategy's lead in accumulating bitcoin.
Bitcoin's price has surged past the $100,000 mark for the first time in its history, fueled by institutional demand, corporate accumulation and heightened expectations of crypto-friendly policies under Donald Trump's presidency.
Now ahead about 130% year-to-date, bitcoin's market capitalization has risen to just shy of $2 trillion only 15 years after coming into existence. For reference, Nvidia and Apple sport market caps of about $3.5 trillion, Microsoft $3 trillion, and Google and Amazon $2.2 trillion. The market capitalization of all the gold in the world is roughly $17.7 trillion.
At the forefront of this rally was the early-2024 launch of spot-based bitcoin exchange-traded funds (ETF) by asset management giants including BlackRock and Fidelity. These products have been a resounding success, securing assets under management of around $30 billion in less than one year's time.
Despite the success of the ETFs, the move higher in bitcoin seemingly stalled throughout a large chunk of this year, at least in part thanks to regulatory uncertainty surrounding the U.S. presidential election. The early November victory of crypto-friendly Donald Trump, though, spurred new legs for the rally, with bitcoin quickly taking out its March high above $73,500, then in fast time moving past $80,000, then $90,000, and finally $100,000 just minutes ago.
Read more: Crypto Foe and SEC Chair Gary Gensler Will Quit When Trump Takes Office
Corporate adoption
Another large part of the bull story is growing corporate adoption, led by MicroStrategy (MSTR) and its Executive Chairman Michael Saylor. The company — which began its bitcoin purchases in August 2020 — has continued to raise billions of dollars to deploy into bitcoin, taking its holdings to 386,700 tokens which are now worth more than $38 billion. Saylor and team have inspired other publicly traded companies, U.S.-listed Semler Scientific and Japan-listed Metaplanet among them, to pursue similar strategies. Even tech giant Microsoft has a proposal before its board as to whether it should pursue a bitcoin treasury strategy.
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.