Bitcoin has soared to a record high of $109,333, coinciding with President-elect Donald Trump’s inauguration day. The cryptocurrency’s meteoric rise has captivated markets, driven by Trump’s outspoken support for digital assets and a wave of optimism surrounding his crypto-friendly policies.
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Trump, set to be sworn in as the 47th U.S. president, has highlighted Bitcoin’s record-breaking performance alongside broader stock market gains. “Bitcoin has shattered one record high after another,” Trump noted in a Sunday speech, signaling his administration’s commitment to the crypto industry.
Bitcoin’s Growth Is Fuelled by Pro-Crypto Policies
Market analysts attribute Bitcoin’s surge to Trump’s campaign promises, such as making the U.S. the “crypto capital of the planet” and establishing a national Bitcoin reserve. Jeff Mei, COO at BTSE, told CoinDesk, “Designating crypto as a national priority has been a strong, positive signal.” The launch of memecoins like TRUMP and MELANIA has further bolstered retail participation in the market.
Experts predict continued momentum, with year-end Bitcoin targets ranging from $185,000 to $250,000. Additionally, Bitcoin dominance has reached 60%, its highest level since December, as the spread between Bitcoin and Ethereum (ETH-USD) widens.
At the time of writing, Bitcoin is sitting at $107,939.76.
