Shares of crypto-related companies, including MicroStrategy Inc. MSTR, Hut 8 Corp. HUT and Coinbase Inc. COIN, are trading sharply higher on Monday as Bitcoin surged past the $100,000 mark, reigniting bullish sentiment in the cryptocurrency market.
What To Know: Bitcoin crossed the $100,000 mark for the first time, reaching a high of $102,482 during early trading on Monday. This 3.2% increase pushed the total cryptocurrency market capitalization above $3.5 trillion, marking its highest level since mid-December.
Analysts attribute the rise to the completion of a “classic correction,” with signs pointing to potential further gains. Market sentiment indicators, including one tracking “extreme greed,” potentially reflect strong buying interest in Bitcoin as it moves past this psychological milestone.
Ethereum also rose 3% to $3,736, while other cryptocurrencies like Solana and Avalanche gained 4% and 7%, respectively. Experts suggest Bitcoin could gain additional momentum if it breaks past $109,000, a key resistance level.
According to Alex Kuptsikevich of FxPro, a decisive break above this threshold could confirm the resumption of a broader uptrend and accelerate Bitcoin’s growth further. For now, its recent rise underscores the continued focus on the cryptocurrency as a driver of broader market activity.
Price Action: MicroStrategy shares were up 9.79% to $372.90, Hut 8 shares were up 9.15% to $26.37 and Coinbase shares were up 6.92% to $289.37 at the time of writing, according to Benzinga Pro.
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