Bitcoin hits $100,000 for the first time

• Bitcoin is now worth more than $100,000.

• It's a rapid rise from $15,000 just two years ago.

• Judging by BTC.D and the Coinbase app ranking, the crypto industry still has room to run.

Just two years ago, bitcoin was at $15,000 and reeling from one of history’s worst financial crimes. On Wednesday, it hit six figures for the first time, hitting a high of $103,000. Although it has since retraced to $97,500. 

The milestone continues bitcoin’s rapid recovery from the brink of death, and although bitcoin might be on a preordained path to glory, it frankly took a series of small miracles to get to this point.

The first miracle was the listing of the spot ETFs, which allowed people to buy the coin directly on the stock market, and the subsequent tens of billions of boomer money. That was enough to push bitcoin to a new high of $73,000, but it then stalled out for 236 agonizing days. 

The second miracle was the election of crypto superfan Donald Trump. His promise to buy bitcoin with government funds and appointment of pro-crypto regulators like new SEC Chair Paul Atkins has resulted in a biblical pump. 

So, where are we now? 

A few weeks ago, I mentioned a few indicators that have previously been successful in predicting bull market tops: the Coinbase app ranking and bitcoin dominance (BTC.D). 

Basically, when the Coinbase exchange app is near the top of the App Store leaderboards and people start selling their bitcoin for riskier altcoins, it’s probably time to consider packing your bags.

At the time of the original article, Coinbase was the 46th most downloaded app and BTC.D was at 60%. Now, Coinbase is the 13th most popular app and BTC.D is 55%. So, things have definitely gotten a bit frothier.

Ultimately, it’s impossible to know how much longer we have. What we do know is that it’s been a hell of a ride so far.