Bitcoin reaches a historic high on inauguration day.
Cryptocurrencies maintain strong momentum following Election Day.
The price of Bitcoin experienced a significant increase this Monday, reaching an all-time high just hours before Donald Trump once again assumed the presidency of the United States. During the day, the cryptocurrency surged to $109,350, although it later retreated to below $105,000.
Trump has mentioned cryptocurrency several times in the lead-up to his return to office. In the week prior to the inauguration ceremony, Bitcoin had begun to gain momentum amid speculation that Trump would announce an executive order related to Bitcoin. According to various sources, the president plans to ease regulations surrounding cryptocurrencies, a move that could encourage their adoption.
This spike in Bitcoin’s price coincides with the launch of two new meme coins driven by the Trump family, known as $TRUMP and $MELANIA. The Trump coin was introduced on January 17, while the Melania coin followed a few days later, both based on the Solana blockchain.
Meme coins are cryptocurrencies that are linked to aspects of internet culture. While they lack true intrinsic value, they can be bought and sold, experiencing fluctuations in their prices. A notable example of this type of cryptocurrency is Dogecoin (DOGE), which was created as a joke but has gained popularity, especially due to the backing of figures like Elon Musk. Currently, Dogecoin has registered an increase and stands at $0.36, though it remains below its all-time high of $0.64 reached in May 2021 following the GameStop situation.
As for Bitcoin, it remains to be seen whether this upward trend will continue or if the coin will stabilize after its recent increase.