Bitcoin prices surged to a record high above $109,000 during Asian trading hours on Monday, driven by anticipation of US President Donald Trump’s inauguration later in the day. The cryptocurrency reached $109,333 on Binance, surpassing previous highs.
Trump mentioned Bitcoin’s record performance in his Sunday speech, praising its gains alongside other markets. His comments have fueled investor optimism and expectations for further growth in 2021.
Bitcoin’s surge is partly attributed to Trump’s support for cryptocurrencies during his campaign, including promises to make the US a “crypto capital” and create a national bitcoin reserve. Analysts believe that new policies and regulators could drive the price of Bitcoin higher this year.
Year-end targets for Bitcoin range from $185,000 to as high as $250,000, according to some predictions. The cryptocurrency’s dominance has also trended higher, approaching 60% and widening its gap with second-largest cryptocurrency Ether.
The surge in Bitcoin is a notable development ahead of Trump’s inauguration, which may have implications for the cryptocurrency market.
Source: https://www.coindesk.com/markets/2025/01/20/bitcoin-surges-to-109-k-hits-record-high-ahead-of-donald-trumps-inauguration