World’s largest cryptocurrency Bitcoin (BTC) surges to a record level of $109,333 apiece during the trading hours on Monday ahead of the US President-elect Donald Trump’s swearing-in ceremony later today. The Bitcoin touched $109,333 on Binance, according to media reports.
Trump talked about the asset’s good performance, and also mentioned the good performance of the overall US stock market, during his speech on Sunday. “Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year-high. Bitcoin has shattered one record high after another,” said the US President-elect.
Bitcoin’s price bounced back after initially dropping to around $100,000 from a high of over $102,000 on Sunday. This happened when Melania Trump issued a memecoin, which shifted investor attention and funds away from major assets.
Notably, Trump has been a vocal supporter of cryptocurrencies during his election campaign. His promises including making the U.S. the “crypto capital of the earth” and creating a “strategic national bitcoin reserve” have also added up to the investors’ hopes.
‘CoinDesk’, an analyzer of the cryptocurrencies in the world, earlier predicted Year-end targets for bitcoin ranging between $185,000 and $250,000.
Meanwhile, Bitcoin’s influence in the cryptocurrency market of the world is increasing rapidly, reaching almost 60% dominance, its highest level since December 20. Additionally, the gap between Bitcoin and Ethereum, the second largest cryptocurrency in the world, is growing, with Bitcoin’s market value now $1.75 trillion higher than Ethereum’s, the largest ever seen difference between them.
