The cryptocurrency market started the year with broad gains, as Ethereum also increased by 3.4%. The uptick follows a late December pullback from Bitcoin’s historic high above US$100,000.
The surge in crypto-related assets builds on momentum from November’s post-election rally, which industry leaders attributed to expectations of a more favorable regulatory environment under the incoming second Donald Trump administration.
Bitcoin and associated stocks had cooled in late December, with both Coinbase and MicroStrategy declining in the final four trading sessions of 2024. Bitcoin showed minimal movement on the year’s last day, rising less than 1%.
Market analysts have set ambitious targets for Bitcoin, with some forecasting prices could reach US$200,000 by the end of 2025.
For investors, the synchronized movement between cryptocurrency prices and related stocks continues to demonstrate the close correlation between digital assets and crypto-focused companies.
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