Hassan Maishera
TL;DR
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BTC is up nearly 2% in the last 24 hours, trading above $93k.
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Despite declining 13% from its all-time high, Bitcoin still rallied by 120% in 2024.
Bitcoin Trades Above $93k on New Year
The cryptocurrency market is starting the new year on a positive note as Bitcoin and major altcoins rallied over the last 24 hours. Bitcoin added nearly 2% to its value on Tuesday and now trades at $93,533 per coin.
Thanks to yesterday’s positive performance, Bitcoin increased its value by 120% in 2024. It began 2024 trading at $41k per coin but rallied to an all-time high of $108,268 before dipping below $100k in recent weeks.
Despite its recent pullback, market analysts expect Bitcoin to rally to a new all-time high in 2025. Galaxy Research said in a report last week that Bitcoin could likely reach new highs next year and will "test or best" $185,000 in the fourth quarter of 2025.
Alex Thorn, Galaxy's head of research, said,
"A combination of institutional, corporate, and nation-state adoption will propel Bitcoin to new heights in 2025."
Meanwhile, Galaxy Research analysts predict Ether (ETH) will rise above $5,500 in the next 12 months. Thanks to yesterday’s positive performance, the total cryptocurrency market cap now stands at $3.27 trillion.
