The cryptocurrency market remains in a state of intense volatility, with Bitcoin (BTC) surging approximately $10,000 within hours, reaching an unprecedented peak of nearly $110,000.
This surge coincides with the inauguration of president-elect Donald Trump, who is set to assume office later today.
The past few days have been tumultuous in the crypto sector. The excitement was ignited on Friday when the soon-to-be US president introduced his own meme coin, causing significant ripples throughout the market.
The upheaval continued within the last 24 hours, as his wife also launched a meme coin, leading to a steep decline for BTC and many altcoins, with Bitcoin briefly falling below the $100,000 threshold.
However, bullish sentiment returned with a vengeance, as traders pushed Bitcoin into a significant upward trajectory shortly thereafter. It not only rebounded from its earlier losses but also surged to $109,420 (on Bitstamp) moments ago, surpassing its previous all-time high from December.
This latest rise elevates Bitcoin’s market capitalization to over $2.1 trillion, re-establishing its position as the seventh-largest asset by this measure, trailing behind Amazon ($2.375 trillion) and Alphabet ($2.4 trillion).
This amplified market volatility and the setting of a new record arrive just hours before Trump’s inauguration, with expectations of further fluctuations throughout the day given his past ties and commitments to the cryptocurrency sector.