Bitcoin recorded its new all-time high of $106,352 on Sunday before retracing slightly.
The world’s largest cryptocurrency is currently trading at $104,700, up 2.72% in the past 24 hours, while it has inched down from its all-time high point, according to The Block’s bitcoin price page.
Analysts told The Block that the leading cryptocurrency may likely see continued upside, leading to positive momentum into the new year.
“The new all-time high is highly significant for bitcoin, marking its evolution into a more established asset class,” said Rachael Lucas, crypto analyst at BTC Markets. “The ATH reflects Bitcoin's shift from a retail-driven asset to one supported by institutional demand, ETFs, and corporate treasuries, reinforcing its legitimacy.”
Analysts say several factors contributed to Bitcoin’s jump over $106,000, including U.S. President-elect Donald Trump’s recent comment that he wants to build a strategic crypto reserve and do “something great” with crypto.
Further boosting market sentiment is MicroStrategy, which now has a bitcoin reserve worth over $44 billion, announcing that it will enter the Nasdaq 100 on Dec. 23. MicroStrategy co-founder Michael Saylor also published a series of posts on social media platform X over the weekend that fueled expectations of further Bitcoin buying.
In addition, bitcoin mining giant Riot Platforms announced last Friday that it had acquired 5,117 bitcoin at an average price of around $99,669 per bitcoin.
Investors are now looking to this year's final U.S. Federal Reserve meeting, scheduled for Wednesday. CME Group’s FedWatch Tool currently gives a 97.1% that the upcoming FOMC meeting will decide to lower the country’s interest rate by 25 basis points.
“The upcoming FOMC meeting this Wednesday will provide crucial insights into the Federal Reserve’s outlook on potential rate cuts,” said Presto Research analyst Min Jung. Jung added that crypto prices are expected to be significantly influenced by any announcements or developments related to Trump’s inauguration in January.
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