The market-leading cryptocurrency, Bitcoin (BTC), has reached a new high Highest level everrose beyond the $109,000 mark on Monday as anticipation grew around the inauguration of next President Donald Trump.
The Trump family’s Memecoins are causing a stir in the market
According to CNBC, this increase can be partly attributed to the recent launch of two meme coins by the Trump family. Over the weekend, Trump unveiled the “Trump Official” memecoin (TRUMP), whose market cap soared to $10.6 billion, reflecting a staggering increase of more than 659% since its debut on Friday.
However, the TRUMP memecoin has seen quite a bit Volatilityfalling approximately 27% from its peak price of around $73 per coin on Monday.
Adding to the excitement, Melania Trump launched her own memecoin, called “Melania,” which began trading on Sunday evening. memecoin has managed to achieve a market cap of $1.3 billion and has seen a 14% increase since its launch.
The introduction of the Melania Memocoin has significantly impacted the value of Trump’s official coin. At one point, Trump cut his stake nearly in half Market valueIt fell from its previous position as the twelfth largest cryptocurrency to now rank twenty-second in terms of market capitalization.
Despite the inherent risks associated with memcoins, the report notes that these launches have instilled a renewed sense of optimism among traders, suggesting that the incoming administration may adopt a positive stance toward cryptocurrencies.
Joel Krueger, Market Strategist at LMAX, male This initiative signals President Trump’s commitment to the cryptocurrency space, emphasizing that Americans should have the freedom to explore emerging asset classes.
“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,” Krueger stated.
The expert also explained that the endorsement of memecoins – often seen as the most speculative part of the cryptocurrency market – sends a strong message of support for the industry.
Echoing this sentiment, economist Noelle Acheson, author of the “Crypto is Macro Now” newsletter, described the memecoin launch as a positive development, reflecting Trump’s openness to new ideas and markets.
Optimism surrounds Bitcoin: Analysts expect a target of $130,000
Bitcoin’s recent rally began gaining momentum last week amid speculation that Trump may announce an executive order prioritizing cryptocurrencies early in his presidency.
Gracie Chen, CEO Crypto exchange Pitget noted that this optimism greatly influences Bitcoin’s price trajectory. “Rumors that the United States may declare cryptocurrency a national interest during the inauguration have a positive impact on the price of Bitcoin,” Chen explained.
However, Chen warned that the launch of the Trump family tokens has redirected some capital that could have fueled Bitcoin’s growth further.
Looking to the future, analysts remain optimistic about Bitcoin’s potential. With its price breaking the $109,000 barrier, some experts, including Kroger, predict it could extend even further, with $130,000 as a possible target.
At the time of writing, Bitcoin is consolidating at around $107,730 after a slight 0.5% decline in the last few hours of trading before Trump’s inauguration.
Featured image of DALL-E, chart from TradingView.com
