In a stunning display for the largest cryptocurrency by market cap, Bitcoin has officially climbed above $104k, leading many to wonder why BTC is up today. Like much of the cryptocurrency industry, the asset has not had the greatest start to 2025. However, it has answered concerns with its massive surge as we pass the midpoint of January.
Throughout the week, a host of cryptocurrencies have skyrocketed in price. Yet, Bitcoin was left more or less out of the equation as far as surging prices. The token has made up for that Friday, as it enters the last trading day before the inauguration of US President-elect Donald Trump back above the six-figure mark. Now, let’s explore why that could be.
JUST IN: $104,000 Bitcoin pic.twitter.com/Y1LMdyP3mm
— Watcher.Guru (@WatcherGuru) January 17, 2025
Also Read: Oklahoma Introduces Strategic Bitcoin Reserve Act
Bitcoin Surges to Firmly 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 finance sector by storm. Moreover, it pushed the token far above the $100,000 mark for the first time ever. However, there are also a lot of experts who believe this year could be even better.
That has started to look ever clearer as Bitcoin has climbed to the $104k mark, and many traders are wondering why BTC is up so much today. For many, the surge is connected to the upcoming inauguration of Donald Trump, set to take place in just three days.
Also Read: Donald Trump Eyes Strategic Reserve for Coins Like Solana, XRP
Trump is rumored to have already placed cryptocurrencies from and center of his incoming administration. According to reports, he is set to make the asset class a national priority as he looks to revamp crypto policy. Optimism surrounding that reality has likely played a massive part in a surging Bitcoin.
Additionally, the US President-elect 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. Moreover, she has already met with a representative from the Trump camp. Subsequently, there are expectations that the bill could be greenlit sooner rather than later.
Those developments have likely led to a surge in positive sentiment for the asset class as a whole. Therefore, they have likely been the catalyst for its most recent jump of more than 5.7% over the last 24 hours, according to CoinMarketCap.
