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Photo illustration shows the Bitcoin cryptocurrency on November 12, 2024 in Shanghai, China.
Vcg | China Visual Group | Getty Images
The price of bitcoin jumped over $100,000 to start the first full trading week of the new year.
The leading cryptocurrency was last higher by about 3% at $101,936.14, according to Coin Metrics. The broader crypto market, as measured by the CoinDesk 20 index, gained more than 3%. Bitcoin and ether come from their best weeks from December 6, while Solana he had his 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,” Marko Jurina, CEO of crypto exchange platform Jumper.Exchange. “With Trump’s election to be certified today, and January often being a bullish month – six of the last 10 years have seen positive price action – it’s no wonder markets are moving higher “.
Bitcoin rises above $100,000 to start the week
The movements in crypto coincide with a rebound in stocks tech as Shares of Nvidia and other chip names jumped. The technological heavyweight Nasdaq it was last higher by about 1.1%.
Crypto stocks Coinbase and Microstrategy advanced almost 8% and 9%, respectively. MicroStrategy on Monday morning said it bought another 1,070 bitcoins for about $101 million, bringing its possible total bitcoins to 447,470.
Activity is returning to the crypto market after a post-election rally that was driven by promises of a more supportive 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 the new administration this year, with some price predictions, such as Fundstrat’s Tom Lee, being as high as $250,000.
