Bitcoin At $109k, New All-Time High Ahead of Trump’s Inauguration
Bitcoin hit a new high of $109,333 ahead of Trump’s inauguration, driven by his pro-crypto stance and the launch of TRUMP and MELANIA memecoins, boosting retail interest.
Bitcoin (BTC) surged to a historic high of $109,333 during the Asian trading hours on Monday, marking a new record just ahead of Republican Donald Trump's scheduled inauguration later in the day.
The surge comes as Trump, in a speech on Sunday, highlighted Bitcoin’s strong performance alongside broader U.S. stock market gains. "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 remarked.
Bitcoin’s rally comes after it reversed earlier losses, which saw the price dip to nearly $100,000 from a high of over $102,000 on Sunday. The temporary pullback was attributed to a memecoin launch by First Lady Melania Trump, which diverted liquidity away from major assets.
U.S. Set To Become the “Crypto Capital of the Planet”?
Trump has been a vocal supporter of cryptocurrency, promising during his campaign to make the U.S. the “crypto capital of the planet” and to establish a “strategic national bitcoin reserve.” His pro-crypto stance has fueled optimism among investors.
Ben El-Baz, Managing Director of HashKey Global, said in a Telegram message, “Bitcoin reached $108K while other cryptocurrencies have rapidly pumped on the eve of the U.S. presidential inauguration. Hopes for new policies and regulations under the Trump administration are driving the price of BTC, with the U.S. economy showing strength.”
The launch of TRUMP and MELANIA memecoins also helped boost retail interest, contributing to Bitcoin’s momentum. Jeff Mei, COO of BTSE, added that “designating crypto as a national priority and launching TRUMP coin has sent positive signals.”
Looking Ahead: Bitcoin’s upward trajectory is expected to continue, with year-end targets ranging from $160,000 to $250,000. Additionally, Bitcoin’s dominance in the market has risen, now approaching 60%, with the gap between BTC and Ethereum (ETH) reaching a record $1.75 trillion.
