This illustration taken on November 25, 2024 shows the cryptocurrency Bitcoin.
Dado Ruvik | Reuters
Cryptocurrencies have risen since the start of the year, rebounding from recent declines as investor optimism returned to the market.
price of Bitcoin It rose 3% on Thursday to $97,426.02, giving it a new year’s gain of about 4% from January 1 trading.
The CoinDesk 20 Index, a measure of the broader crypto market, rose 4%. Associated token Solanapopular Ethereum Its rival led the rise with a 7.5% increase. virtual currency stocks coinbase and micro strategy They rose 4% and 5%, respectively.
Bitcoin rebounds to start the year
This year is expected to be a breakout year for the crypto industry, thanks to a more favorable regulatory environment promised by President-elect Donald Trump. Investors are hoping Congress will pass the first-ever cryptocurrency-specific bill, which could center around stablecoins and market structure.
Traders are also keen to see the crypto public stock market open up with more initial public offerings and the development of a potential national strategic Bitcoin reserve.
Cryptocurrencies fell towards the end of 2024. The post-election rally that saw Bitcoin set a new record of over $100,000 has subsided, but the flagship cryptocurrency still ended the year up more than 120%. Long-term holders booked some profits while others sold amid renewed uncertainty over the direction of the Federal Reserve’s 2025 interest rate cut.
