The price of Bitcoin has jumped back above $102,000 at the start of the first full trading week of the new year.
This is reported by CNBC.
According to Coin Metrics, the flagship cryptocurrency has recently risen by about 4% to $102,234. Overall, Bitcoin and Ether are experiencing their best weeks since December 6.
Shares of cryptocurrency exchanges Coinbase and MicroStrategy have risen by almost 6% and 5%, respectively.
The rise in cryptocurrencies has coincided with a rise in technology stocks, as shares of Nvidia and other chipmakers have jumped. The tech-heavy Nasdaq was last up about 1.7%.
Activity in the crypto market is returning after a post-election rally in the U.S., fueled by promises of a more favorable regulatory environment. The optimism led to a sharp rise in prices for several weeks before cooling off toward the end of the year. Under Donald Trump's new administration, the price of bitcoin is expected to roughly double this year, with some forecasts, like Fundstrat's, reaching $250,000.
As Ukrinform reported, bitcoin more than doubled in 2024, thanks to the US market regulator's approval of exchange-traded funds tied to its spot price and optimism about easing regulatory restrictions after Donald Trump's return to the White House, and analysts expect it to continue growing.