Bitcoin Rose to More than 105,000 USD/coin

Digital currency Bitcoin soared to a record high of over $105,000 per coin in early Asian trading on December 16, marking a new increase

Bitcoin rose to more than $105,000 per coin on December 16, setting a new record high in early Asian trading.

Bitcoin reached $105,142, up from the previous trading price of $104,666.

News over the weekend that U.S. President-elect Donald Trump will proceed with his plan to establish a strategic Bitcoin reserve helped boost prices, according to Tony Sycamore, an analyst at IG, an online trading group based in the U.S. and England.

“We are in blue sky here. The next number the market will look for is $110,000,” the analyst predicted.

Bitcoin prices have risen by more than 50 percent in the few weeks since Mr. Trump was elected president, moving from around $67,000 to $103,000 per coin.

A key factor in the bullish run has been Mr. Trump's victory, which is seen as creating a favorable environment for cryptocurrencies, digital currencies and other emerging assets. The market has also reacted positively to Mr. Trump's appointments of several officials who are known to support digital currencies.

Bitcoin prices are now seen heading towards the $110,000 mark, and if they continue to rise at the current rate, the cryptocurrency could reach $200,000 by 2025, according to forecasts.

Highlighting the bullish sentiment surrounding digital currencies, Bitwise Asset Management, a company in the U.S. digital asset space, made 10 major predictions for digital currencies in 2025, and one of the key forecasts is that Bitcoin will cross the $200,000 mark.

The predictions are based on several factors, including the limited supply of Bitcoin, growing interest from institutions and the potential involvement of foreign governments, such as the U.S. establishing a strategic Bitcoin reserve fund, the company said.

Digital currency Ethereum is also seen rallying to $7,000, according to the predictions.