Bitcoin’s price surged above $100,000 at the start of the first full trading week of 2024, reaching $102,234 after a nearly 4% increase. The broader cryptocurrency market also saw gains, with the CoinDesk 20 index up over 3%. Major cryptocurrencies like Bitcoin and Ether experienced their best performance since early December, while Solana recorded its strongest week since late November. Additionally, cryptocurrency stocks such as Coinbase and MicroStrategy rose by nearly 8% and 6%, respectively. MicroStrategy announced the acquisition of 1,070 bitcoins for about $101 million, raising its total holdings to 447,470 bitcoins. This resurgence in crypto is linked to a broader recovery in tech stocks, particularly Nvidia, which contributed to a 1.9% increase in the Nasdaq index. Market optimism emerged following a post-election rally, spurred by potential regulatory support for the crypto sector. Analysts predict that Bitcoin’s price might double this year, with some forecasts, like Fundstrat’s Tom Lee, estimating it could reach $250,000 under the new administration. Overall, the renewed interest and investment in cryptocurrency signal a revitalized market.
