Bitcoin Hits New All-Time High Hours Ahead Of Donald Trump's US Presidential Inauguration

Bitcoin's latest rally comes amidst growing optimism around Trump's pro-crypto stance, with market watchers anticipating blockchain-friendly policies under his administration.

Bitcoin has charted a new high, riding on Donald Trump's oath taking ceremony.

Source : @pete_rizzo_ X/Twitter

Bitoin ATH: Hours before Donald Trump takes office as the 47th President of the United States, Bitcoin (BTC) has surged past the $109,000 mark, setting a new all-time high (ATH) of $109,194. This represents a 2.78 per cent gain in the last 24 hours and an impressive 14.96 per cent rise over the past week, according to data from Binance. As of 12:45 PM IST, Bitcoin's market capitalisation stood at a staggering $2.13 trillion, with a circulating supply of 19.81 million coins.

The rally comes amidst growing optimism around Trump's pro-crypto stance, with market watchers anticipating blockchain-friendly policies under his administration.

Edul Patel, Co-founder and CEO of Mudrex, told ABP Live, "Bitcoin created a new all-time high of $109,194 just hours before Trump’s inauguration, continuing its impressive rally. Since Election Day, Bitcoin has climbed over 60%, pushing its market cap beyond $2.13 trillion. The anticipation of Trump announcing the Strategic Bitcoin Reserve after the inauguration has led to a fresh rally in Bitcoin."

Patel added, "The launch of meme coins by Trump and Melania is another trigger for the rally, turning millions of new eyes toward the market and bringing in fresh liquidity. $TRUMP token is launched for his supporters to celebrate his return to the White House. After his pro-crypto stance, this launching of coin sends a strong message about his position on the future of digital assets. This week is going to be a great on with momentum building up, if it continues, BTC is all set to cross the most awaited $110,000 milestone soon."

$TRUMP, $MELANIA Memecoins Gain Traction

Adding to the crypto buzz, Donald Trump and his wife Melania Trump recently introduced their official memecoins, $TRUMP and $MELANIA, hosted on the Solana blockchain. These tokens, launched on January 17 and January 20 respectively, have quickly drawn attention for their speculative trading potential.

The $TRUMP coin saw a meteoric rise after its debut, briefly breaking into the top 20 cryptocurrencies by market cap with a valuation of $14 billion. However, its price plummeted by 40 per cent following the launch of $MELANIA, falling from a peak of $74.06 to $44.82 within 24 hours.

As of now, $TRUMP appears to be rebounding, trading at $59.41 with a 27 per cent gain over the past day. Meanwhile, $MELANIA has shown an even sharper rise, jumping 70 per cent in the last 24 hours to reach $12.22, according to CoinMarketCap data.

Should You Buy $TRUMP & $MELANIA?

While the surge in Bitcoin and the rise of memecoins like $TRUMP and $MELANIA are notable, market analysts caution investors about the volatility of such tokens. Memecoins, in particular, are highly speculative and prone to dramatic fluctuations based on market sentiment.

The ongoing excitement around Trump’s inauguration may be fueling the current rally, but it remains uncertain whether prices will hold or drop once the event concludes.

For those considering investing in $TRUMP, $MELANIA, or other cryptocurrencies, experts advise conducting thorough market research and being prepared for potential losses. The crypto market’s inherent volatility underscores the importance of a cautious approach to trading these digital assets.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.