A photo illustration shows the cryptocurrency Bitcoin on November 12, 2024 in Shanghai, China.
VCG | China Optical Group | Getty Images
Bitcoin price has jumped back above $100,000 to start the first full trading week of the new year.
The major cryptocurrency was recently up about 4% at $102,234, according to Coin Metrics. The broader cryptocurrency market, as measured by CoinDesk 20 The index rose more than 3%. Bitcoin and ether They are coming off their best week since December 6, while Solana It was his best week since November 22nd.
“Overall, we are in a bullish environment and traders appear to be more risk-on as we head into the new year,” said Mario Jurina, CEO of cryptocurrency swap platform Jumper.Exchange. “With Trump’s election being certified today, and January often being a bullish month – six of the past 10 years have seen positive price action – it’s no wonder markets are moving higher.”
Bitcoin rises above $100,000 to start the week
The moves in cryptocurrencies coincided with a rebound in technology stocks Shares of Nvidia and other chip names jumped. Heavy technology Nasdaq The last increase was about 1.7%.
Crypto stocks Coinbase and Accurate strategy They advanced approximately 6% and 5%, respectively. MicroStrategy reported Monday morning that it had purchased another 1,070 bitcoins for about $101 million, bringing its total bitcoin holdings to 447,470.
Activity is returning to the cryptocurrency market following a post-election rally that was driven by promises of a more supportive regulatory environment. This optimism led to prices skyrocketing for weeks before calming down at the end of the year. Bitcoin's price is expected to nearly double under the new administration this year, with some price forecasts, like that of Fundstrat's Tom Lee, reaching $250,000.
