Bitcoin has surged past $100,000 for the first time reaching $103,407 on Thursday, following news that U.S. president-elect Donald Trump plans to nominate cryptocurrency advocate Paul Atkins as the next chair of the SEC. This sparked optimism for a lighter regulatory approach boosting investor confidence in the future of digital currencies.

The cryptocurrency market’s total value has nearly doubled in the past year reaching almost $3.8 trillion, comparable to Apple’s market cap. Bitcoin's rise of over 50% since Trump’s election reflects growing hopes for a crypto-friendly administration and reduced regulatory barriers.

Bitcoin's recovery from its 2022 lows when it fell below $16,000, highlights its growing acceptance, particularly among institutional investors. U.S. approval of Bitcoin exchange-traded funds and strong investments in crypto-related stocks have contributed significantly to this rally.