Bitcoin reaches new record high following launch of meme coins by Donald Trump and Melania Trump

Bitcoin has once again surged in the wake of reports that Trump is expected to prioritize cryptocurrency as a national issue. The digital currency’s market cap rose to a record $2.14 trillion, marking a significant 176 percent growth from the same period the previous year when it stood at $774 billion. Bitcoin has been on an upward trajectory since Trump’s election victory, climbing from approximately $75,000 in early November to the recent record high of $108,899. The inauguration of Trump has instilled optimism among crypto investors, who anticipate a more favorable regulatory environment and the potential integration of Bitcoin into the U.S. strategic reserves, leading to the surge in Bitcoin’s price.

Bitcoin had temporarily dipped below $91,000 on January 13th, but has since rebounded following optimistic reports regarding Trump’s stance on cryptocurrency. Reports also indicate Trump’s plans to establish a crypto advisory council to voice the industry’s policy priorities. This executive order is expected to revitalize the U.S. crypto industry, which has faced scrutiny over multiple fraud investigations during the previous administration under President Biden.

Bitcoin currently holds a dominant position in the overall crypto market with a 57 percent share, followed by Ethereum at 10.9 percent. In addition to Bitcoin’s performance, on January 18, President-elect Trump launched his own meme coin, $TRUMP, garnering significant attention and accumulating a market cap of almost $15 billion. The value of the coin fluctuated, surging to over $75 before stabilizing around $60 and presently at $53.

Bitcoin’s upward trajectory and record market cap reflect the growing optimism surrounding the cryptocurrency industry. Investors are eager for a favorable regulatory environment under the new administration, particularly with Trump’s planned measures to prioritize cryptocurrency. As Bitcoin continues to surpass previous records, all eyes are on its future performance and potential impact on the broader crypto market.