Bitcoin (BTC) hits new all-time high ahead of Trump’s inauguration

The cryptocurrency market’s turbulence persists as Bitcoin (BTC) surged by approximately $7,000 within minutes, achieving a new all-time high of $109,114, as per data from coinmarketcap.

This milestone comes just hours before the inauguration of President-elect Donald Trump.

Bitcoin (BTC) currently trades at $108,100.43, up 2.74% in the last 24 hours.

The coin’s market cap is at around $2.13 trillion. Bitcoin’s dominance stands at 57.57%, reflecting a 0.39% increase over the day.

The new peak comes after more than a month of consolidation. Bitcoin last reached a record high on December 16, before undergoing a significant correction.

On January 13, BTC plunged to $89,164, marking an 18% decline due to concerns over the Federal Reserve’s hawkish policy stance.

Since then, Bitcoin has rebounded by 23%, showcasing resilience in the face of market volatility.

The past 24 hours have been exceptionally volatile, with the crypto market witnessing extreme fluctuations.

Other major coins such as Ethereum (ETH) and Ripple (XRP) also registered 3% and 4% gains in the past hour, respectively.

Trump era hopes for crypto

This surge in the coin comes as optimism surrounding Donald Trump’s inauguration as President of the United States has sparked enthusiasm within the crypto community.

Many believe Trump’s policies could support the adoption and development of cryptocurrency in the country.

Adding to the excitement, both Trump and Melania recently launched their own crypto memecoins, reinforcing speculation that crypto may take on a more prominent role under the new administration.

This heightened confidence in the market is likely a contributing factor to Bitcoin’s strong rally.

The post Bitcoin (BTC) hits new all-time high ahead of Trump's inauguration appeared first on Invezz