Hours ahead of Donald Trump’s swearing-in ceremony as the 47th President of the United States, Bitcoin, the biggest cryptocurrency has jumped to its lifetime high price. The crypto king, after dropping below $100,000 when the incoming first lady Melania Trump launched her meme coin $Melania on Monday morning, reversed losses with a 9 per cent rise and hit a fresh record high of $108,899 on Monday afternoon, as per data from Coinmarketcap.com
Bitcoin’s market cap also jumped to an all-time high of $2.14 trillion, growing by 176 per cent from $774 billion during the same period last year. The top coin has been on an upward trajectory after Trump’s Presidential victory, growing from around $75,000 in the first week of November.
Importantly, the inauguration of Trump has made investors in the crypto market optimistic about the ease of regulatory measures and integrating Bitcoin into the US strategic reserve, leading to the coin’s price increase.
Bitcoin had rejoined the crypto rally after falling to under $91,000 on January 13 amid reports that Trump is expected to make crypto a national priority.
Moreover, there are also plans by Trump to create a crypto advisory council to voice policy priorities of the industry, Bloomberg reported last week. The executive order is expected to turn around the fortunes of the US crypto industry, which has faced multiple investigations around frauds during President Biden’s administration.
Currently, Bitcoin dominates the total crypto market cap of $3.37 trillion with a 57 per cent share followed by Ethereum’s 10.9 per cent.
On January 18, President-elect Donald Trump launched his meme coin $TRUMP, which gained significant attention and amassed a market cap of nearly $15 billion on Sunday. The coin’s value experienced volatility, surging to over $75 before stabilizing around $60 and currently at $53.
