Bitcoin (BTC) zoomed to a record level above $109,000 during the Asian trading hours on Monday ahead of Republican Donald Trump’s scheduled inauguration later in the day. The largest cryptocurrency touched $109,333 on Binance.
Trump mentioned the asset’s record performance in a Sunday speech alongside gains in the broader U.S. stock market.
“Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another,” Trump said.
BTC reversed losses from earlier in the day when it fell to nearly $100,000 from a high over $102,000 on Sunday as first lady Melania Trump issued a memecoin, drawing liquidity away from major assets.
Trump has been vocal about his support for cryptocurrencies during his campaign. Promises like making the U.S. the “crypto capital of the planet” and creating a “strategic national bitcoin reserve” have fueled investor optimism.
“Bitcoin reached $108K while other cryptocurrencies have rapidly pumped on the eve of the US presidential inauguration, with hopes that new policies and regulators will send the price of BTC much further this year as the US economy continues to show strength in the long term,” Ben El-Baz, Managing Director of HashKey Global, told CoinDesk in a Telegram message.
“The forward momentum has been further accelerated by the launch of the TRUMP and MELANIA memecoins which have attracted more retail users, and hopes that Trump will prioritize and reaffirm his commitment to the crypto industry.”
“Designating crypto as a national priority and launching TRUMP coin over the past few days have been strong, positive signals. 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.
Year-end bitcoin targets range from $185,000 to as high as $250,000, as CoinDesk previously reported.
Meanwhile, bitcoin dominance has started to trend higher and is now approaching 60%, the highest level since Dec. 20. The spread between the two largest cryptocurrencies, bitcoin and ether (ETH), continues to widen, with a $1.75 trillion market cap differential — the largest difference ever recorded.
Bitcoin (BTC) has reached a new all-time high above $109,000, just ahead of the inauguration of former President Donald Trump. The cryptocurrency has been on a steady rise in recent weeks, fueled by increasing interest from institutional investors and growing acceptance as a mainstream asset.
This latest milestone for Bitcoin comes as investors continue to flock to the digital currency as a hedge against inflation and economic uncertainty. With the ongoing COVID-19 pandemic and political instability in the United States, many see Bitcoin as a safe haven asset that can protect their wealth in times of crisis.
The surge in Bitcoin’s price also comes at a time when traditional financial markets are experiencing volatility and uncertainty. With central banks around the world printing money at unprecedented levels, many are turning to alternative assets like Bitcoin to preserve their wealth and hedge against currency devaluation.
As Bitcoin continues to break new records, many are wondering just how high the price can go. Some analysts predict that Bitcoin could reach $200,000 or even $300,000 in the coming months, driven by a combination of increased institutional adoption and retail investor interest.
Whether or not Bitcoin can maintain its current momentum remains to be seen, but one thing is for sure – the digital currency is here to stay and is reshaping the financial landscape in ways that were once unimaginable.
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