Bitcoin rallied to near all-time highs on Friday as three drivers are set to put the popular cryptocurrency into a new breakout rally. First, investors are shifting back into Bitcoin after a two-month trading range centered on the $100,000 price level. That price level serves as a psychological resistance price given its round numbers.

Did President-elect Trump just ignite a Bitcoin firestorm? Many crypto-related stocks posted big gains on Friday, just ahead of next week's inauguration.

Prediction market traders on Polymarket are cautiously optimistic about immediate crypto-related action from President-elect Donald Trump on Inauguration Day. What Happened: Specifically, according to Polymarket data,

The world’s second-largest cryptocurrency, ethereum, and XRP, also posted gains this week. Ethereum is currently trading at more than $3,425 at the time of writing. XRP, too, saw a breakout price exceeding $3, allowing it to reach a seven -year high, transforming the token into the world's third -highest valued cryptocurrency.

Major cryptocurrencies rallied on Friday, with bitcoin back on track toward its record high days ahead of the second inauguration of crypto-friendly President-elect Donald Trump.

It was a stellar 2024 for stocks, but volatility returned to markets in the final weeks of December and is persisting. However, the cryptocurrency market has held its nerves, with Bitcoin (BTC) resuming its northbound journey following a slight hiccup after hitting an all-time high in December.

A portrait of President-elect Donald Trump, created by arranging block data, has been put onto the Bitcoin blockchain by American miner MARA.

Pension funds are dipping their toes into buying bitcoin, in a sign that even typically staid corners of finance are finding it hard to ignore the potential outsized returns from cryptocurrencies.

The fall comes after the cryptocurrency experienced a meteoric rise, fueled in part by the reelection of Donald Trump.