• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin Hits New Heights: What Drives the Unexpected Surge?

user avatar

by Giorgi Kostiuk

2 years ago


On Monday, during Asian trading hours, Bitcoin soared to a new record high of $109,333, just hours before Donald Trump's inauguration.

Market Dynamics

Earlier in the day, Bitcoin briefly dipped, falling to nearly $100,000 from Sunday's high of over $102,000. The decline coincided with the launch of a memecoin by First Lady Melania Trump, which temporarily drew liquidity away from major assets. Despite the volatility, investor sentiment remains strong. Trump has been a vocal supporter of cryptocurrencies, pledging during his campaign to make the U.S. the ‘crypto capital of the planet’ and establish a ‘strategic national bitcoin reserve’.

Expert Insights

Industry leaders believe Trump's crypto-friendly stance is fueling Bitcoin's rally. 'Bitcoin reached $108K while other cryptocurrencies rapidly pumped on the eve of the U.S. presidential inauguration,' said Ben El-Baz, Managing Director of HashKey Global. 'Hopes for new policies and regulators are driving optimism that BTC's price could go much higher this year as the U.S. economy strengthens.'

Jeff Mei, COO at BTSE, also noted the positive impact of recent developments. 'The launch of TRUMP and MELANIA memecoins has attracted more retail users and reinforced Trump's commitment to the crypto industry. Designating crypto as a national priority has sent a strong signal to the market. Bitcoin's surge was expected and will likely continue through the week.'

Market Outlook

Bitcoin's dominance has risen to nearly 60%, the highest since December 20. The gap between Bitcoin and Ethereum (ETH) has also widened, with Bitcoin's market cap now $1.75 trillion larger than Ethereum's — the largest difference ever recorded. Year-end predictions for Bitcoin range from $185,000 to $250,000, signaling sustained bullish momentum. As Trump prepares to take office, the crypto market is watching closely for policy moves that could further bolster digital asset growth.

The recent record rise of Bitcoin highlights the strong demand for cryptocurrencies amid global market uncertainties. Significant contributors to this surge include backing from the new U.S. president and expectations regarding new regulatory changes.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Upbit Conducts Major Internal Wallet Reorganization of SHIB

chest

South Korean exchange Upbit has reorganized 864 billion SHIB across its internal wallet addresses as part of a standard internal rebalancing process aimed at managing liquidity and security.

user avatarTomas Novak

Avalanche Staking Value Reaches $20.477 Billion

chest

Avalanche's staking value has reached approximately $20.477 billion, indicating strong network participation.

user avatarMaya Lundqvist

Helicon Upgrade Activated on Fuji Testnet

chest

The Helicon upgrade has been activated on the Fuji testnet, marking a significant step in Avalanche's development.

user avatarKaterina Papadopoulou

Avalanche Awards Grant to YourGrails for Tokenization of Physical Trading Cards

chest

Avalanche's Team1 Accelerator awarded a $30,000 grant to YourGrails for tokenizing physical trading cards, supporting the growth of the real-world asset ecosystem.

user avatarLeo van der Veen

Aave Governance Considers Wind Down of Low-Use V3 Markets

chest

Aave governance is reviewing a proposal to wind down six low-adoption V3 markets and offboard dozens of reserves to reduce operational complexity.

user avatarLi Weicheng

Uniswap Introduces New Launches Beta Tab for Enhanced Token Discovery

chest

Uniswap has introduced a new Launches beta tab in its web app to enhance the discovery of new tokens across various launchpads.

user avatarAisha Farooq

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.