Catenaa, Monday, December 16, 2024-Bitcoin soared to a record high of $106,352 on Sunday, boosted by institutional interest and growing optimism in the crypto market, according to reports.
The leading cryptocurrency later settled at $104,700, up 2.72% over the past 24 hours, according to reports available in public domains.
Analysts attribute the rally to a mix of macroeconomic and market-specific factors.
President-elect Donald Trump’s recent comments on creating a “strategic crypto reserve” have fueled positive sentiment. Meanwhile, MicroStrategy, with a Bitcoin reserve worth over $44 billion, will join the Nasdaq 100 index on Dec. 23, signaling broader acceptance of Bitcoin as an institutional asset.
Bitcoin mining firm Riot Platforms also made waves, announcing Friday the acquisition of 5,117 Bitcoin at an average price of $99,669 per coin.
The purchase underscores growing confidence in Bitcoin’s long-term value, even at elevated prices.
Investors are now eyeing the Federal Reserve’s upcoming meeting on Wednesday. Analysts expect a potential 25 basis point rate cut, which could add further fuel to Bitcoin’s momentum.
