Bitcoin is one step away from 100000, global policies and coin prices are soaring, and the cryptocurrency market is poised for strong growth

Bitcoin failed to challenge the $100000 mark, but the future remains bright

Bitcoin reached its annual high of $99468 on November 23, and the Greed Index climbed to $97, but ultimately failed to break through $100000 and fell back to $91290. At present, the price of Bitcoin remains stable in the range of $95000 to $97000. Although there is short-term volatility, experts generally believe that Bitcoin is in the middle of a bull market, and its upward potential is still highly anticipated by the market.

Global Policy Dynamics: The Nationalization Trend of Bitcoin Reserves

The United States has approved BTC and ETH spot ETFs this year, leading a new trend in global cryptocurrency policies. After being re elected, Trump actively recruited government personnel to support cryptocurrency and promoted the implementation of more friendly policies. In addition to the United States proposing to include Bitcoin as a national reserve fund, there have also been rumors in Canada in recent days.

According to the latest report from Cointelegraph, Ken Sim, the Mayor of Vancouver, Canada, announced at a city council meeting on November 26th that he plans to submit a proposal to add Bitcoin to his balance sheet, titled "Maintaining City Purchasing Power through Diversified Financial Resources: Becoming a Bitcoin Friendly City." He hopes to use Bitcoin's diversified financial properties to combat inflation, reduce dependence on the US dollar, and attract funding for technological innovation. This marks Canada's move towards a national level Bitcoin reserve policy, following in the footsteps of some state governments in the United States.

The global trend of using Bitcoin as a strategic reserve asset is gradually emerging, which not only enhances its financial status, but also indicates a change in the market liquidity pattern.

Coin price and market value

In 2024, the overall performance of the cryptocurrency market is strong:

Bitcoin's compound annual growth rate (CAGR) has reached 154%, making it a focal point in the financial market. Due to the development of decentralized applications (dApps), Ethereum's price has increased by over 50% annually, continuously attracting businesses and developers. Recently, currencies such as XRP, Solana, and Cardano have experienced double-digit price increases, driving the total market value to exceed $3.5 trillion

Number of users and institutional participation: stable market foundation

Triple-A, a Singaporean cryptocurrency payment company, released a report in May this year stating that by 2024, the number of global users holding cryptocurrencies had reached 562 million, accounting for 6.8% of the global population, with an annual growth rate of 34%. The Chainalysis report also shows a significant increase in consumer acceptance of virtual assets. Especially in the Asia Pacific and Latin American regions, the popularity of in memory blockchain payments and Web3 applications has driven user growth.

In addition to individual investors, institutional participation is also accelerating this year in response to the approval of ETFs. According to Bitcoin Treasury data, there are already 93 organizational entities worldwide that publicly hold Bitcoin (countries, companies, ETFs, etc.), with ETFs accounting for 5.9%, approximately 1.25 million bitcoins, and national reserves holding 529000 bitcoins. Peng Yunxian, founder of Taiwan's cryptocurrency exchange HOYA BIT, predicts that as more companies and governments incorporate Bitcoin into their asset portfolios, institutions will gradually replace retail investors and become the dominant force in the market.

Outlook for the future: optimistic short-term and long-term outlook

Despite failing to break through $100000, Bitcoin is still expected to challenge this goal by the end of the year, with continued support from major powers and increased institutional adoption.

CryptoQuant, a cryptocurrency data analysis company, also stated that this is a brief correction, and compared to the market peak indicators of previous bull markets, there is still a lot of room for improvement. Bitcoin is expected to reach at least $147000 before reaching the upper limit of this market cycle. Analysts at ARK Invest, a US investment management company, stated that the target price for January 1st is between $104000 and $12400, currently in the middle of a bull market. In 2030, Bitcoin may reach $1.5 million in the best case scenario. Renowned Wall Street investment bank Bernstein analysts predict that the target price could reach $200000 by the end of 2025. Galaxy Digital CEO Mike Novogratz predicts to reach $500000 by 2025

Peng Yunxian, founder of the Taiwan cryptocurrency exchange HOYA BIT, stated:

The open attitude of global policies and the positive inflow of institutional funds are laying a more solid foundation for the cryptocurrency market. Although short-term volatility remains, there is no doubt about the long-term potential of the market.

The market is ushering in a new round of policy dividends and institutional participation frenzy. The breakthrough of Bitcoin is only a matter of time, and the next step of the cryptocurrency market is even more worth looking forward to.

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