Bitcoin Rejoining the cryptocurrency rally on Friday, reports emerged that President-elect Donald Trump may issue an executive order on the first day of his new term to make cryptocurrencies a national priority.

The price of the flagship cryptocurrency was recently up more than 3%, reaching $103,995.78, according to Coin Metrics. The broader cryptocurrency market, as measured by the CoinDesk 20 index, rose 1% after rising 4% on Thursday.

Exchange operator shares Coin library and Robin Hood Up about 5% and 3% respectively. Trading activity in small-cap cryptocurrencies favors trading platforms. Demand for small-cap, high-risk tokens has grown ahead of Trump's inauguration, Litecoin It has surged 26% in the past two days.

This comes after Bloomberg reported late Thursday that Trump may establish his previously promised cryptocurrency advisory committee to give the industry a voice in his administration. The New York Times reported that day that the Bitcoin stockpile was part of discussions about an executive order that could cover multiple areas of cryptocurrency policy.

Expectations were further raised after Wall Street warned this month that while a pro-crypto Congress and White House in 2025 will certainly support innovation in the industry and asset class, it may take some time for markets to feel the impact.

Coins and crypto projects outside of Bitcoin would arguably benefit more from clear and supportive policy and regulation, as they become more targets of SEC lawsuits and charges under the Biden administration discrimination in the banking industry. However, some investors say Bitcoin could rocket higher if national inventories or reserves were built.

Bitcoin has been trading closely with stocks so far this year. The market has been in consolidation mode since Federal Reserve Chairman Jerome Powell sounded the inflation alarm in late December, but that alarm subsided this week following the release of two December inflation reports. Over the past two days, Bitcoin ETFs have seen inflows of more than $1 billion.

Investors expect any announcements from the incoming administration next week to push Bitcoin higher — possibly to a new record.

Expectations were further raised after Wall Street warned this month that while a pro-crypto Congress and White House in 2025 will certainly support innovation in the industry and asset class, it may take some time for markets to feel the impact.

“The new administration and new SEC chairman have opened the door to new opportunities for cryptocurrency innovation,” JPMorgan analyst Kenneth Worthington said in a report this week. However, he added, “Given that other tokens have much smaller market caps and investor interest is much lower, we do not believe the launch of the next wave of cryptocurrencies (exchange-traded products) makes sense for the crypto ecosystem.”

Since December 17, Bitcoin’s highest record is $108,327.01. It will rise 9% by 2025.