Bitcoin is nearing the $100,000 mark, driven by expectations of US-friendly regulations and growing investor interest.
The Dow Jones index closed at a new record high on Friday, capping a winning week for stocks.
The blue-chip Dow index rose 426.16 points, or 0.97%, to 44,296.51, a new record closing high and the third consecutive day of gains. The S&P 500 rose 0.35% to close at 5,969.34 on its fifth straight winning day.
The technology-heavy Nasdaq Composite edged up 0.16% to 19,003.65. The gains were limited by a 3.2% slide in Nvidia and a 1.7% drop in Alphabet.
The Dow ended the week up around 2%, while the S&P 500 and Nasdaq both gained around 1.7%. This marks a shift from the previous week, when the post-election Wall Street rally stalled.
Friday's moves signaled a continuation of the trend as investors shifted exposure from the technology sector to more economically sensitive names in the market. That may explain why the industrial and consumer sectors led the S&P 500 higher, while the communications services sector was the worst performer.
While tech has struggled, Bit has moved closer to the long-awaited $100,000 milestone. Small-cap stocks also showed strength this week, with the Russell 2000 rising 1.8% on Friday to end the week up around 4.5%.
The largest digital asset has gained for five straight days, setting a new all-time high at $99,655 before pulling back slightly to around $98,300 currently.
The crypto market has grown by around $1 trillion since Trump's election victory on November 5.
Trump's transition team has begun discussing whether to create a new White House position focused on digital asset policy.
Proponents of Bit's role as a store of value are hoping the asset reaches $100,000, while critics question its utility and ties to crime.
The Altcoin market continued to surge yesterday.
Leading the charge was Stellar (XLM) with an impressive 54% gain. Over the 7-day timeframe, XLM has spiked over 200%.
The rally came as Grayscale Investments LLC, the Grayscale Stellar Lumens Trust (XLM), filed a 10-K for the fiscal year ended September 30, 2024.
The filing details the Fund's purpose is to hold Stellar Lumens (XLM) and operate as a statutory trust under Delaware law. The trust periodically issues shares to accredited investors in exchange for XLM deposits.
The latest developments in the US include the resignation of Securities and Exchange Commission (SEC) Chair Gary Gensler on January 20, as Trump was set to take office, which also helped drive the market.
Hedera (HBAR), Cardano (ADA) and Algorand (ALGO) were also standout performers, rising over 30% in the past 24 hours.
Internet Computer (ICP), Avalanche (AVAX), VeChain (VET), Cosmos (ATOM)... all jumped over 20%.
Many other major projects including XRP (XRP), EOS (EOS), Polkadot (DOT), Kaia (KAIA), Polygon (MATIC), Arweave (AR), MultiversX (EGLD), Decentraland (MANA), Chainlink (LINK), Axie Infinity (AXS), Injective (INJ)... recorded gains of over 10%.
Ethereum (ETH) is struggling to hold above the $3,300 level after a strong rebound the previous day.
The second-largest market Cap asset is now facing resistance at $3,400 and is trading around $3,325.
You can view the coin prices here.
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Viet Cuong
Bitcoin Magazine
