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What you need to know
- The price of Bitcoin along with a number of cryptocurrency-related stocks like Coinbase and MicroStrategy are rising Thursday morning.
- The assets rallied in the weeks following Donald Trump's election victory in November, before cooling off to end the year.
- Bitcoin reached its peak in December, when it crossed the $100,000 barrier for the very first time. It then declined towards the end of 2018.
Shares of cryptocurrency-focused companies such as Coinbase (COIN) and MicroStrategy (MSTR) jumped Thursday morning ahead of the first trading session of the new year as Bitcoin (BTCUSD) also rose.
The rally in cryptocurrency and related stocks slowed down in the second part of December, after Donald Trump won the election in November. Many executives from the crypto sector cheered Trump’s election, saying that a second Trump administration will be more friendly to regulation than Biden’s.
Bitcoin rose by over 2% to reach $96,500 on Thursday, Coinbase and MicroStrategy both rose almost 4%. Ethereum (ETHUSD), a second popular cryptocurrency rose more than 3.4%.
Bitcoin Exceeds $100k For The First Time Ever in December
Bitcoin’s rally culminated in breaking through the $100,000 mark for the very first time before retreating. Analysts predict the digital coin could double this number by 2025.
Bitcoin and the stocks, which often mirror the cryptocurrency's performance, ended the year below those peaks. Coinbase, MicroStrategy and Bitcoin all fell in the last four trading sessions for 2024.
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