PakGazette – , the first and largest cryptocurrency by market capitalization, approaches $100,000 for the first time in 2025, after a notable six-day gain. Bitcoin has had a phenomenal start to the year, gaining ground as positive optimism spreads across the cryptocurrency market.
At the time of writing, Bitcoin is trading up 1.27% over the past 24 hours to $99,021 after hitting intraday highs of $99,888, just shy of the $100,000 mark. Bitcoin began rising from lows of $91,887 on December 31 and has continued into the new year; Bitcoin has marked six consecutive days of gains since this date and would mark the seventh, assuming it closes in the green today.
Bitcoin reached all-time highs of $108,268 on December 17, 2024. However, the rally fizzled out soon after, likely due to year-end profit-taking and hawkish Fed rate predictions.
As Bitcoin once again surpasses $100,000, expectations are rising in the cryptocurrency market.
According to crypto analyst Michael Van de Poppe, “Bitcoin is rising to the crucial breakout level,” and a break above $100,000 could result in a new ATH in January.
What is happening?
MicroStrategy, a Bitcoin development company, intends to raise $2 billion in preferred stock offerings in the first quarter of 2025 to fuel additional Bitcoin purchases. Metaplanet, a Japanese investment company, also announced plans to purchase 10,000 BTC.
MicroStrategy could announce a new Bitcoin purchase as early as Monday, according to a tweet from co-founder Michael Saylor. Since late 2024, Saylor has tweeted a SaylorTracker chart about a day before revealing new purchases, causing BTC prices to rise in advance but then fall when official announcements are made.
On the macroeconomic front, investors will closely watch as officials meet again in January to make monetary policy decisions. The CME FedWatch tool reports that traders in the Federal Reserve funds futures market predict a pause in rates at the next meeting. In December, the Federal Reserve lowered interest rates by a quarter percentage point, but said there would be fewer rate cuts in 2025.
