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The photo illustration shows the Bitcoin cryptocurrency on November 12, 2024. in Shanghai, China.
Vcg | Visual China Group | Getty Images
The price of Bitcoin soared above $100,000 to start 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 CoinDesk 20 the index increased by more than 3%. Bitcoin and ether are coming off the best weeks since December 6 so far Salana had the best week since November 22nd.
“Overall, we’re in an upbeat environment and traders seem to be risk-averse as we head into the new year,” Marco Giurino, CEO of crypto swaps platform Jumper.Exchange. “With Trump’s election set to be confirmed today and January often being an upbeat month — with six of the last 10 years seeing positive price action — it’s no surprise markets are moving higher.”
Bitcoin has climbed above $100,000 since the beginning of the week
The moves in crypto coincided with a rebound in tech stocks Shares of Nvidia and other chip names jumped. Heavy machinery Nasdaq the last time it was higher by about 1.1%.
Crypto shares Coinbase and Micro strategy advanced by almost 8% and 9%, respectively. On Monday morning, MicroStrategy said it had bought another 1,070 bitcoins worth about $101 million, bringing its total bitcoin supply to 447,470.
Crypto market activity is returning after a post-election rally that was fueled by promises of a more supportive regulatory environment. Optimism sent prices soaring for several weeks before cooling off later in the year. The price of bitcoin is expected to roughly double this year under the new administration, with some price predictions, such as that of Fundstrat’s Tom Lee, as high as $250,000.
