Bitcoin has made history again as its price jumped above the $109,000 mark to set a new world record on Donald Trump’s hype
The price of Bitcoin (BTC) soared to a new All-Time High (ATH) of $109,481, breaking its previous record of $108,235. The latest surge in Bitcoin comes with pro-crypto U.S. President-elect Donald Trump set to take office today.
The Bitcoin Stellar Move
While Bitcoin is still trading bullishly, the price has slipped from the new ATH as of this writing. According to CoinMarketCap, BTC is priced at $107,926, up 3.2% in the last 24 hours. The daily trading volume increased by an amazing 124% to $111 billion, indicating investors’ growing interest in the coin.
The market capitalization has also moved to $ 2.14 trillion, with a market dominance of 57.07%. The Bitcoin prediction sentiments are bullish, while the Fear & Greed Index shows Extreme Greed at 76.
Bitcoin’s current movement reflects expectations for more crypto-friendly policies in the US. Market players are hopeful Trump’s new government will establish favorable crypto regulations that will benefit the industry. With this view, Trump nominated Paul Atkins to succeed Gary Gensler as the U.S. Securities Exchange and Commission (SEC) Chairman.
Min Jung, a research analyst at Presto Research, commented that Trump-related headlines most likely drove the recent rally. He added that there are ongoing rumors Trump’s inauguration speech suggests the possibility of a Bitcoin strategic reserve.
It is important to note that Bitcoin is not the only asset that has benefited from news surrounding Trump’s inauguration. Altcoins, including Ethereum (ETH), Cardano (ADA), and XRP, demonstrate bullish momentum. Within the last 24 hours, ETH, ADA, and XRP surged by 5.2%, 4.1, and 3.8%, respectively.
The Memecoin Market Shows Mixed Signal
However, the memecoin market is showing mixed sentiment. Memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) have increased by 0.6% and 0.26%, respectively, on the daily chart.
On the other hand, smaller memecoins with market caps under $100 million are facing substantial declines. Min Jung attributes this decline to increasing interest in Donald Trump’s associated memecoin, TRUMP and MELANIA.Â
Furthermore, Augustine Fan, SOFA’s head of insights, raised concerns regarding the rise of TRUMP and MELANIA, taking in significant liquidity from the market. He hopes the memecoin-driven trend will eventually fade so the industry can return to institutional advancements.
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