Bitcoin Surges to $109K, Hits Record High Ahead of Donald Trump’s Inauguration
The price of Bitcoin (BTC) surged to a record level above $109,000 during Asian trading hours on Monday, ahead of Republican Trump’s scheduled inauguration later that day.
In a Sunday speech, Trump mentioned the asset’s record performance alongside gains in the broader U.S. stock market.
“Since the election, the stock market has surged, small business optimism has risen 41 points to a 39-year high, and bitcoin has broken record after record,” Trump said.
BTC reversed losses earlier in the day, falling to roughly $100,000 from a high of over $102,000 on Sunday, after First Lady Melania Trump issued a memecoin, diverting liquidity away from key assets.
Throughout his campaign, Trump was emphatic about his support for cryptocurrency. Promises to make the United States the “crypto capital of the planet” and establish a “strategic national bitcoin reserve” have fuelled investor confidence.
On the eve of the US presidential inauguration, Bitcoin hit $108K, while other cryptocurrencies have soared with hopes that new policies and regulations will boost BTC’s price further this year as US policy changes. In a Telegram message to CoinDesk, Ben El-Baz, Managing Director at HashKey Global, said that the economy continues to be strong in the long term. “The forward momentum has been further accelerated by the launch of the TRUMP and MELANIA meme coins which have attracted more retail users, and we hope Trump will prioritize and reaffirm his commitment to the crypto industry.” In recent days, the TRUMP coin has been released as a national priority. As the main bellwether for the industry, Bitcoin’s surge was expected and is likely to continue through the week,” Jeff Mei, COO at BTSE, said in a Telegram message.
Meanwhile, bitcoin’s dominance has started to rise. It is already reaching 60%, the highest level since December 20, and up 3% year to date. The market capitalization gap between the two largest cryptocurrencies, bitcoin and ether, continues to increase, now standing at $1.75 trillion. This is the greatest market capitalization differential ever recorded. The ETH/BTC ratio, which indicates one ether, is equivalent to about 0.031 bitcoin.
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