The photo illustration shows the Bitcoin cryptocurrency on November 12, 2024 in Shanghai, China.
VCG | Visual Group China | Getty Images
The price of Bitcoin climbed back above $100,000 to start the first full trading week of the new year.
The flagship cryptocurrency was last up 4% at $102,250.00, according to Coin Metrics. The broader crypto market, as measured by the CoinDesk 20 Index, gained about 2.5%. Bitcoin And ether have just had their best weeks since December 6, while Solana had its best week since November 22.
“Overall, we are in a bullish environment and traders seem to be taking risks heading into the new year,” Marko Jurina, CEO of cryptocurrency exchange Jumper.Exchange. “With Trump’s election expected to be certified today, and January often being a bull month (six of the last ten years have seen positive price action), it’s no wonder markets are moving on the rise.”
Bitcoin surpasses $100,000 to start the week
The crypto moves coincided with a rebound in tech stocks as Nvidia and shares of other chip names surged. The heavy on technology Nasdaq was last up about 1.1%.
Crypto Stocks Coinbase And MicroStrategy grew by almost 6% and 11%, respectively. MicroStrategy announced Monday morning that it purchased an additional 1,070 bitcoins for approximately $101 million, bringing its total bitcoin holding to 447,470.
Activity is returning to the crypto market after a post-election rally driven by promises of a more favorable regulatory environment. Optimism sent prices soaring for weeks before calming down at the end of the year. The price of bitcoin is expected to roughly double under the new administration this year, with some price predictions, such as from Fundstrat’s Tom Lee, as high as $250,000.
