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Bitcoin surged past $100,000 late Monday, achieving this level for the first time in two weeks. This increase followed Congress’ official confirmation of President-elect Donald Trump’s victory for the 2024 election, paving the way for his inauguration on January 20.
On Monday, Congress officially certified the election results for all 50 states and the District of Columbia during a formal ceremony. Vice President Kamala Harris, serving as president of the Senate, presided over the joint session of the House and Senate.
JUST IN: Vice President Kamala Harris officially certifies the results of the 2024 election, making pro-#Bitcoin Donald Trump the next President of the USA
pic.twitter.com/HfWyRMmInb
— Bitcoin Journal (@BitcoinMagazine) January 6, 2025
By 12:09 am ET on Tuesday, the cryptocurrency was trading around $101,775, reflecting a 10% increase from the previous week. Meanwhile, the total market capitalization of cryptocurrencies exceeded $3.7 trillion, reaching its highest point since December 19.
Bitcoin Set for Next Rally if It Exceeds $109K: Analyst
Alex Kuptsikevich, chief market analyst at FxPro, stated that short-term advancements in the cryptocurrency market are transitioning into phases of consolidation. “The market seems to be testing the ground beneath it and moving gently upwards,” he remarked, adding that the current sentiment index of 76, which indicates extreme greed, suggests active buying and significant potential for further growth.
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The analyst pointed out that current technical indicators suggest the conclusion of a typical correction, with growth expected to recover 61.8% of the early November rally. He mentioned that this perspective will be validated if Bitcoin decisively surpasses its previous highs around $109,000. Furthermore, he anticipates that Bitcoin’s growth will gain momentum after exceeding the $100,000 threshold.
Binance Highlights Bitcoin’s Exceptional Performance as It Surpasses $100K Barrier
Bitcoin initially reached the $100,000 mark on December 5, driven by increasing optimism that Trump would implement crypto-friendly deregulation upon taking office. During his campaign, Trump vowed to transform the US into the “crypto capital of the world.”
According to SoSoValue, US spot Bitcoin ETFs recorded net inflows of $987.06 million as of Tuesday, January 7, while US spot Ether ETFs attracted $128.7 million.
Meanwhile, in China, regulators have tightened their approach by extending foreign exchange regulations to encompass cryptocurrency transactions. The State Administration of Foreign Exchange (SAFE) has identified these transactions as high-risk, directing financial institutions to closely monitor all crypto-related activities.
Separately, Binance released a report on Monday, emphasizing Bitcoin as one of the top-performing global assets this year, second only to Nvidia. The report attributes Bitcoin’s remarkable performance to key factors such as spot ETF approvals, the upcoming Bitcoin Halving, changes in monetary policy, and expectations for more favorable crypto regulations. If this momentum persists into 2025, Bitcoin could rise further in global asset rankings, solidifying its status as a leading asset class.
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