Bitcoin surpassed $100,000 earlier today. (Photo illustration by Chesnot/Getty Images)
Bitcoin prices rose today, surpassing $100,000 for the first time this year, as anticipation of President-elect Donald Trump’s inauguration boosted the digital currency.
The world’s most valuable cryptocurrency by total market value hit more than $102,700 this evening, according to Coinbase data from TradingView.
At this point, it was up about 4% in less than 24 hours, after trading below $99,000 earlier in the day, additional Coinbase figures from TradingView reveal.
Interestingly, the digital asset, which hit an all-time high of over $108,000 on December 24, spent the first few days of this year trading below the key psychological level of $100,000.
Trump rally
When asked what caused bitcoin’s latest rise above $100,000, several analysts pointed to the regime change that will take place in two weeks, as well as its expected impact on politics.
“Personally, I think the price of Bitcoin increased due to the excitement of the first Monday of 2025 and each day gets closer to a pro crypto president and Gary Gensler resigning,” the TikTok influencer said whose name is Wendy O.
Gensler, who became chairman of the United States Securities and Exchange Commission in 2021, has generated significant visibility for the highly aggressive approach he has taken towards the cryptocurrency sector.
In November, he shared some statistics on his
The government official, who has drawn much anger for his harsh treatment of cryptocurrency industry participants, plans to resign from his current position on January 20, according to a separate SEC statement.
Greg Magadini, director of derivatives at digital asset data provider Amberdata, also highlighted the impact of anticipation of the upcoming regime change on investors and markets.
“The presidential certification process, followed by the inauguration on January 20, both represent catalysts for bullish sentiment, especially as the job market remains strong and the new administration will likely announce tax cut policies and favorable regulatory policies for crypto,” he said.
Demand from American investors returns
US investor interest in bitcoin appears to have recovered after the turn of the year, according to CryptoQuant analyst Julio Moreno.
When asked what caused the latest cryptocurrency price rise, the analyst said via Telegram that “it seems related to the return of the American investor to the market after the holidays.”
He highlighted changes in CryptoQuant’s Coinbase Premium Index for Bitcoin, which the data analytics provider defines as the percentage “difference between the Coinbase Pro price (USD pair) and the Binance price (USDT pair).
The chart below, provided by Moreno, illustrates the latest activity in the index.
Coinbase Premium Bitcoin Index
“We can see the Coinbase Bitcoin price premium turn positive again for the first time since December 17 of last year,” he said.
“A positive Coinbase premium indicates relatively higher demand in the United States,” Moreno noted.
Disclosure: I own Bitcoin, Bitcoin Cash, Litecoin, Ether, EOS and SOL.
