A photo illustration shows the cryptocurrency Bitcoin on November 12, 2024 in Shanghai, China.
Vcg | Visual China Group | Getty Images
The price of bitcoin soared back above $100,000 to start the first full trading week of the new year.
The leading cryptocurrency was last seen about 4% higher at $102,234, according to Coin Metrics. The broader crypto market, as measured by CoinDesk 20 index, gained more than 3%. Bitcoin and ether end their best weeks since December 6, doc Saltworks had the best week since November 22nd.
“Overall, we are in a bullish environment and traders seem to be risk-averse as we head into the new year,” Mario Jurina, CEO of crypto exchange platform Jumper.Exchange. “Since Trump’s election will be certified today, and January is often a bullish month — six of the past 10 years have seen positive prices — it’s no wonder markets are moving higher.”
Bitcoin climbs above $100,000 to start the week
Movements in cryptocurrency have coincided with a recovery in tech stocks Shares of Nvidia and other chip names soared. Heavy technology Nasdaq the last one was higher by about 1.7%.
Crypto shares Coinbase and Microstrategy progressed by almost 6% and 5% respectively. MicroStrategy reported Monday morning that it bought another 1,070 bitcoins for about $101 million, bringing the total number of bitcoins to 447,470.
Activity is returning to the crypto market after a post-election rally that was fueled by promises of a more supportive regulatory environment. Optimism sent prices skyrocketing for weeks before cooling off at the end of the year. The price of bitcoin is expected to roughly double this year under the new administration, with some price predictions, such as Fundstrat’s Tom Lee, as high as $250,000.
