In a stunning display of the largest cryptocurrency by market capitalization, Bitcoin has officially climbed above $104k, leaving many wondering why BTC is up today. Like much of the cryptocurrency industry, the asset has not had the best start to 2025. However, it has answered concerns with its massive surge as we pass mid-January.
Throughout the week, a host of cryptocurrencies have soared in price. Still, Bitcoin was more or less left out of the equation in terms of rising prices. The token has made up for that Friday, as it enters the final trading day before the inauguration of US President-elect Donald Trump back above the six-figure mark. Now let’s examine why this might be so.
JUST IN: $104,000 Bitcoin pic.twitter.com/Y1LMdyP3mm
— Watcher.Guru (@WatcherGuru) 17 January 2025
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Bitcoin Rises To Steady Above $100,000 Level: Why Is It Up Today?
There is no denying that Bitcoin had a revolutionary year in 2024. The asset saw the birth of the first spot BTC ETF that took the financial sector by storm. Additionally, that token pushed well past the $100,000 mark for the first time ever. But there are also many experts who believe that this year could be even better.
It has started to look increasingly clear as Bitcoin has climbed to $104,000, and many traders are wondering why BTC is up so much today. For many, the increase is linked to the upcoming inauguration of Donald Trump, which will take place in just three days.
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Trump is already rumored to have placed cryptocurrencies front and center for his incoming administration. According to reports, he is set to do asset class a national priority when he wants to renew the crypto policy. Optimism about that reality has likely played a large role in a rising Bitcoin.
In addition, the President-elect of the United States has already discussed the process of creating a strategic Bitcoin reserve for the country. US Senator Cynthai Lummis introduced legislation for a Bitcoin Act last year. Besides, she already did met with a representative from the Trump camp. After that, there are expectations that the bill may become green sooner rather than later.
That development has likely led to an increase in positive sentiment for the asset class as a whole. Therefore, they are likely to have been the catalyst for its recent jump of more than 5.7% in the last 24 hours, according to CoinMarketCap.