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BTC reached an all-time high of $106,533 and was trading 2.2% higher at $104,646 in the past 24 hours as of 10:07 AM IST. Ethereum, the second-largest cryptocurrency, also rose 1.5%, trading at $3,954 during the same period.
“This remarkable surge is largely attributed to recent comments from U.S. President-elect Donald Trump, who confirmed plans to explore Bitcoin as a potential reserve asset for the United States. The announcement has sparked interest and optimism in the market, contributing to a nearly 5.56% increase over the past week,” said Shivam Thakral, CEO of BuyUcoin.
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Meanwhile, Vikram Subburaj, CEO of Giottus, said, “Bitcoin set a new high above $106,000 today and is consolidating above $104,000 currently. The top crypto asset continues to be bullish on lower timeframes and with a US interest rate cut announcement likely this week, it can take out $110,000 before any retracement. This will be helped by spot ETF inflows which were considerably solid last week.”Investor sentiment also improved following the inclusion of MicroStrategy in the Nasdaq 100 index, a move likely to attract further inflows for the software firm, which has been a significant Bitcoin buyer.
The crypto market has been buoyed by hopes of a more favorable regulatory environment under the incoming Trump administration. Bitcoin has rallied 192% year-to-date (YTD), bolstered by expectations of pro-crypto policies.”We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head,” Trump told CNBC late last week.Bitcoin has surged more than 50% since the November 5 election that saw Trump elected along with many other pro-crypto candidates. The total value of the cryptocurrency market has almost doubled over the year so far to hit a record over $3.8 trillion, according to CoinGecko.
Also Read: Bitcoin hits $100K: What investors should know
Trump – who once labelled crypto a scam – embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet.”
Trump this month named a White House czar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
Trump also said he would nominate pro-crypto Washington attorney Paul Atkins to head the Securities and Exchange Commission.
Major altcoins, including Solana, Dogecoin, Cardano, Tron, Avalanche, Toncoin, Sui, and Polkadot, surged up to 7% on Monday.
“While BTC dominance has surpassed 57%, key altcoins are trailing Bitcoin. Markets are likely to remain volatile this week, with the Crypto Fear and Greed Index in ‘extreme greed’ territory at 83,” Subburaj noted.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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