Bitcoin (BTC) zoomed to a record level above $109,000 during the Asian trading hours on Monday ahead of Republican Donald Trump’s scheduled inauguration later in the day.
The largest cryptocurrency touched $109,333 on Binance.
Trump mentioned the asset’s record performance in a Sunday speech alongside gains in the broader U.S. stock market.
“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,” Trump said.
BTC reversed losses from earlier in the day when it fell to nearly $100,000 from a high over $102,000 on Sunday as first lady Melania Trump issued a memecoin, drawing liquidity away from major assets.
Trump has been vocal about his support for cryptocurrencies during his campaign. Promises like making the U.S. the “crypto capital of the planet” and creating a “strategic national bitcoin reserve” have fueled investor optimism.
“Bitcoin reached $108K while other cryptocurrencies have rapidly pumped on the eve of the US presidential inauguration, with hopes that new policies and regulators will send the price of BTC much further this year as the US economy continues to show strength in the long term,” Ben El-Baz, Managing Director of HashKey Global, told CoinDesk in a Telegram message. “The forward momentum has been further accelerated by the launch of the TRUMP and MELANIA memecoins which have attracted more retail users, and hopes that Trump will prioritize and reaffirm his commitment to the crypto industry.”
“Designating crypto as a national priority and launching TRUMP coin over the past few days have been strong, positive signals. As the main bellwether for the industry, Bitcoin’s surge was expected and is likely to continue through the week,” Jeff Mei, COO at BTSE, said in a Telegram message.
Year-end bitcoin targets range from $185,000 to as high as $250,000, as CoinDesk previously reported.
Meanwhile, bitcoin dominance has started to trend higher. It is now approaching 60%, the highest level since Dec. 20 and a 3% increase year-to-date. The spread between the largest two cryptocurrencies, bitcoin and ether, continues to widen, with a $1.75 trillion market cap differential. This is the largest market cap difference ever recorded.
Another way to shoThe ETH/BTC ratio, which indicates that one ether, is equivalent to about 0.031 bitcoin.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
