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Bitcoin has soared to an all-time high of $109,241, as the United States prepares for the inauguration of President-elect Donald Trump, a strong proponent of cryptocurrencies. The digital asset surged 5.5% in early trading, setting a new record and sending shockwaves through the crypto market.
Memecoins Stir Up the Market
The rally was further fueled by the unveiling of Trump-inspired memecoins by both Donald and Melania Trump over the weekend. These new tokens—$TRUMP and $MELANIA—quickly attracted attention, reaching a market capitalization of over $15 billion before experiencing a sharp correction. The sudden popularity of these memecoins temporarily shifted investor focus away from Bitcoin and other smaller cryptocurrencies, sparking both excitement and controversy within the industry.
By 2:10 PM IST, Bitcoin had settled at $108,064.85, up 3.25%. Meanwhile, the $TRUMP memecoin surged by an impressive 21%, trading at $57.30, according to data from CoinMarketCap.
Trump’s Impact on the Crypto Market
Ethereum, another major player in the crypto world, also saw a notable increase, climbing 3.54% to reach $3,384.20. Many traders speculated that Trump’s potential executive order designating cryptocurrencies as a "national priority" could provide further momentum to the sector.
"The memecoins have amplified Bitcoin's momentum, with retail traders feeling optimistic that Trump will reaffirm his commitment to the crypto industry," said Ben El-Baz, managing director of HashKey Global, in an interview with Bloomberg.
Renewed Crypto Optimism Under Trump’s Leadership
Trump’s return to the White House has ignited renewed enthusiasm for digital assets. Many believe that under his leadership, cryptocurrencies could receive significant support, potentially paving the way for even more widespread adoption and regulation of digital currencies.
