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Key Takeaways
- 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 peaked in December by passing the $100,000 threshold for the first time before declining near the end of the year.
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.
Cryptocurrency and a number of related stocks surged in the weeks following Donald Trump’s election victory in November, but the rally slowed in the second half of December. A number of executives in the crypto industry cheered Trump’s victory as they said a second Trump term will likely be a friendlier regulatory environment than the Biden administration has been.
Bitcoin rose over 2% Thursday morning to $96,500, while Coinbase and MicroStrategy each rose nearly 4%. Ethereum (ETHUSD), another popular cryptocurrency, also rose over 3.4% Thursday.
Bitcoin Passed $100,000 For First Time in December
Bitcoin capped its rally by breaking the $100,000 threshold for the first time in December before retreating, with some analysts predicting the digital currency could reach double that number by the end of 2025.
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Bitcoin and the stocks, which often mirror the cryptocurrency’s performance, ended the year below those peaks. Coinbase and MicroStrategy each declined in the final four trading sessions of 2024, while bitcoin rose less than 1% on Dec. 31.
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