Bitcoin, the world’s largest cryptocurrency, surged to a record $109,241 on January 20, hours before Donald Trump’s inauguration as the 47th President of the United States. The rally is attributed to growing optimism about Trump’s pro-crypto policies and recent activity in the cryptocurrency market.
- All-Time High: Bitcoin reached $109,241, rising 2.78% in 24 hours and nearly 15% over the past week.
- Market Cap: Bitcoin’s market capitalization stands at $2.13 trillion, with a circulating supply of 19.81 million BTC.
- Trump’s Influence: Optimism about Trump’s crypto-friendly policies fueled the rally, alongside the launch of $TRUMP and $MELANIA tokens.
Impact of Trump’s Pro-Crypto Policies
Donald Trump’s victory in the U.S. presidential election has led to increased institutional and retail interest in cryptocurrencies. Analysts speculate that his administration may classify cryptocurrencies as a “national priority” asset class, boosting confidence in the market.
Ripple Effect of Meme Coins
The recent launch of $TRUMP and $MELANIA meme coins has added momentum to Bitcoin’s rally. While $TRUMP debuted with a $15 billion market cap before stabilizing at $11 billion, $MELANIA quickly reached a $2 billion market cap within hours. The tokens have also created significant market buzz, driving attention back to major cryptocurrencies like Bitcoin.
Bitcoin’s price surge reflects a renewed optimism for blockchain innovation under the new administration, signaling what could be a transformative period for the crypto industry.
