BTC sets record above $109,000 ahead of Donald Trump inauguration

Bitcoin (BTC) hit a record high above $109,000 during Asian trading hours on Monday, ahead of Republican Donald Trump’s expected inauguration later in the day. The largest cryptocurrency reached $109,333 on Binance.

Trump mentioned the asset’s record performance in a speech Sunday, alongside gains in the U.S. stock market as a whole.

“Since the election, the stock market has surged and small business optimism has soared a record 41 points to its highest level in 39 years. Bitcoin has shattered one record after another,” Trump said .

BTC reversed its losses from earlier in the day when it fell to nearly $100,000 from a high of over $102,000 on Sunday as first lady Melania Trump issued a memecoin, diverting liquidity from major assets .

Trump expressed his support for cryptocurrencies during his campaign. Promises such as making the United States the “crypto capital of the planet” and creating a “strategic national Bitcoin reserve” have fueled investor optimism.

“Bitcoin hit $108,000 as other cryptocurrencies rose rapidly on the eve of the US presidential inauguration, on hopes that new policies and regulators will drive the price of BTC much higher this year as the U.S. economy continues to demonstrate long-term strength,” Ben El-Baz, chief executive officer of HashKey Global, told CoinDesk in a Telegram message.

“Momentum was further accelerated by the launch of TRUMP and MELANIA memecoins, which attracted more retail users, and we hope Trump will prioritize and reaffirm his commitment to the crypto industry.”

“The designation of crypto as a national priority and the launch of TRUMP coin over the past few days were strong and positive signals. As a leading industry indicator, the rise of Bitcoin was expected and is expected to continue. continue throughout the week,” Jeff Mei, COO at BTSE, said in a Telegram message.

Year-end bitcoin targets range from $185,000 to $250,000, as CoinDesk previously reported.

Meanwhile, bitcoin dominance has started to increase and is now approaching 60%, the highest level since December 20. The gap between the two largest cryptocurrencies, bitcoin and ether (ETH), continues to widen, with a market cap differential of $1.75 trillion. — the largest difference ever recorded.