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Photo illustration shows the Bitcoin cryptocurrency on November 12, 2024 in Shanghai, China.
vcg | China Visual Group | fake images
The price of bitcoin jumped back above $100,000 to begin the first full trading week of the new year.
The flagship cryptocurrency was last up about 4% at $102,234, according to Coin Metrics. The broader crypto market, measured by the CoinDesk 20 index, gained more than 3%. bitcoin and ether They are coming off their best weeks since December 6, while solarium He had his best week since November 22nd.
“Overall, we are in a bullish environment and traders seem willing to take risks as we approach the new year,” Mario Jurina, CEO of cryptocurrency exchange platform Jumper.Exchange. “With Trump’s election set to be certified today, and January often being a bullish month (six of the last 10 years saw positive price action), it’s no wonder markets are rising.”
Bitcoin rises above $100,000 to start the week
Cryptocurrency moves coincided with a rally in tech stocks as Nvidia and shares of other chip names rose. heavy technology Nasdaq was last higher by about 1.7%.
Crypto Stocks Coinbase and Microstrategy They advanced almost 6% and 5%, respectively. MicroStrategy reported Monday morning that it purchased another 1,070 bitcoins for approximately $101 million, bringing its total bitcoin holdings to 447,470.
Activity is returning to the cryptocurrency market after a post-election rally fueled by promises of a more favorable regulatory environment. Optimism sent prices soaring for weeks before cooling off at the end of the year. The price of bitcoin is expected to roughly double under new management this year, with some price predictions, such as those from Fundstrat’s Tom Lee, reaching as high as $250,000.
