Photo illustration shows Bitcoin cryptocurrency on November 12, 2024 in Shanghai, China.
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Bitcoin price has soared above $100,000 to begin the first full trading week of the new year.
The flagship cryptocurrency was last up about 3% at $101,936.14, according to Coin Metrics. The broader crypto market, as measured by the CoinDesk 20 index, rose more than 3%. Bitcoin and ether Although we are coming off the best week since December 6th. Solana It was the best week since November 22nd.
“Overall, we are in a bullish environment and traders appear to be risk-on going into the new year,” said Marco Giulina, CEO of crypto swap platform Jumper.Exchange. said. “With Trump set to be certified as the winner today, it’s no wonder the market is rallying, as January is often a bullish month, with six of the past 10 years seeing positive price action.”
Bitcoin rises above $100,000 early in the week
The move in cryptocurrencies coincided with a rally in tech stocks, with shares of Nvidia and other chip names soaring. High-tech oriented Nasdaq Last time, it rose by about 1.1%.
virtual currency stocks coinbase and micro strategy They improved by nearly 8% and 9%, respectively. MicroStrategy reported on Monday morning that it had purchased an additional 1,070 Bitcoins for approximately $101 million, bringing its total Bitcoin holdings to 447,470.
Movement is returning to the crypto market following post-election rallies driven by promises of a more supportive regulatory environment. Optimism caused prices to soar for several weeks, before subsided by the end of the year. Bitcoin’s price is expected to roughly double this year under the new administration, with some like Fundstrat’s Tom Lee predicting a price of as much as $250,000.
