The illustration shows the Bitcoin cryptocurrency on November 12, 2024 in Shanghai, China.
Vcg | Visual China Group | Getty Images
Bitcoin price rose above $100,000 to start the first full trading week of the new year.
According to Coin Metrics, the flagship cryptocurrency was recently up about 4% at $102,234. The broader cryptocurrency market, as measured by CoinDesk 20 the index gained over 3%. Bitcoin AND ether are experiencing their best weeks since December 6, while Solana had the best week since November 22nd.
“Overall, we are in a bullish environment and investors seem willing to take risks as we enter the new year,” Marko Jurina, CEO of cryptocurrency exchange platform Jumper.Exchange. “With Trump's election being announced today and January often being a bullish month – six of the last 10 years have seen positive price action – it's no surprise that markets are moving higher.”
Bitcoin surges above $100,000 to start the week
Cryptocurrency moves coincided with a rebound in technology stocks such as Nvidia and shares in other chip names jumped. Technologically advanced Nasdaq was recently up about 1.7%.
Cryptocurrency stocks Coinbase AND Micro-strategy increased by almost 6% and 5%, respectively. On Monday morning, MicroStrategy said it had purchased another 1,070 bitcoins for about $101 million, bringing its total bitcoin holdings to 447,470.
Activity in the cryptocurrency market is returning after a post-election rally fueled by promises of a more supportive regulatory environment. Optimism caused prices to rise for weeks before cooling off towards the end of the year. The price of bitcoin under the new administration is expected to roughly double this year, with some price forecasts, such as Fundstrat's Tom Lee, reaching as high as $250,000.