Many cryptocurrencies have been on a run lately, with Bitcoin once again rising above $100,000, its highest price since February. The cryptocurrency’s surge could be attributed to increasing geopolitical tensions and a more volatile market, further establishing the currency’s reputation as a safe-haven asset. This economic boom came amidst a broad, one-day stock market rally, with the Dow Jones Industrial Average increasing by over 500 points.

Bitcoin recovered above the important $100,000 mark again on Thursday, trading up almost 6% at $101,679.85. The move follows the announcement earlier this week of a trade agreement between the U.S. and the United Kingdom, which sent shockwaves through the agriculture community.

Bitcoin remains far from “out of the woods” until it continues its rally past its January peak of just under $109,350. Perhaps it will remain in its $70,000 to $109,000 post-election trading range for the next two months. So stay tuned to see how those digits improve!

While recent chaos in the markets has provided an unexpected boon to Bitcoin’s ascendancy, as investors begin to doubt the safe-haven status of the U.S., the value proposition for Bitcoin grows even stronger. Over the same time frame, Bitcoin has made much bigger moves while spot gold increased over 5%. The S&P 500 was slightly down over the same time period.

Other large cryptocurrencies rose sharply, with Ether gaining roughly 18%, Solana’s token up 10% and dogecoin adding 12%.

Antoni Trenchev, co-founder of crypto exchange Nexo, told us why he’s bullish on Bitcoin today and in 2024.

"Bitcoin has not only reclaimed $100,000 for the first time in three months but it’s also reaffirmed its status as the ultimate bouncebackability asset as the prospects for U.S. trade deals brighten." - Antoni Trenchev

As far as Bitcoin’s survival is concerned, its mettle will be put to the test in a globally unstable situation, Trenchev added.

"Look no further than rising tensions between India and Pakistan, which risk escalating into a full blown conflict. Meanwhile we have a Federal Reserve in no rush to cut rates and equally concerned about unemployment and inflation." - Antoni Trenchev

He further added.

"Bitcoin remains buttressed by a pro-crypto Trump administration along with hungry buying from spot-ETF investors … while its outperformance versus U.S. equity benchmarks in 2025 highlights its resilience and safe haven status." - Antoni Trenchev

Trenchev also noted that Bitcoin's resilience will be tested further in an uncertain global environment.