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Bitcoin The coin reached an all-time high overnight after the first pair launched a pair of coins as traders awaited the inauguration of incoming President Donald Trump.
On Monday, the major cryptocurrency was up nearly 1% at $106,622.54, according to Coin Metrics. Earlier, it rose to a high of $109,350.72, after falling below the $100,000 level on Sunday.
Bitcoin sets a new record ahead of Trump's inauguration
During the weekend, Trump fired the “Official Trump“The meme coin, whose market cap has risen to $10.6 billion and is up more than 659% since Friday night, according to data from CoinGecko and Coinbase. On Monday, it was down nearly 27% from its record price of about $73 a coin, after returning First Lady Melania Trump fired Her “Melania” coin on Sunday — roughly half the value of the Trump coin at one point.
Melania Mimiwhich began trading Sunday evening, has a market capitalization of $1.3 billion and a 14% price increase since its launch. It attracted $7.3 billion in trading volume over the past day, compared to $31 billion for the Trump meme.
Although meme coins are considered the riskiest corner of the already risky cryptocurrency market, the launch of Trump Coin over the weekend gave traders more conviction that the incoming administration will be positive for the industry.
“This move highlights President Trump’s embrace of cryptocurrencies and his belief that Americans should have the freedom to operate in the emerging asset class,” said Joel Krueger, market strategist at LMAX.
“There is a logic here that suggests putting a stamp of approval on what are arguably the wildest crypto assets, namely memes, is the best way to send a message about how much support the market should expect from management. When it comes to embracing cryptocurrencies and making America a major player in this field.”
Noelle Acheson, economist and author of the “Crypto is Macro Now” newsletter, echoed this sentiment, calling the meme a net positive decline and “a sign that it is very supportive of new ideas (and) new markets.”
Investors will be in focus on Monday Trump's inaugurationlooking for executive orders related to cryptocurrencies.
LMAX's Krueger added that Bitcoin's new record opens the door to a potential bullish extension to $130,000.
