The highly volatile rollercoaster in the cryptocurrency market continues in full force as BTC added roughly ten grand within hours and skyrocketed to a new all-time high of just shy of $110,000.
This comes just hours before the president-elect, Donald Trump, is inaugurated and returns to office.
It has been a wild ride in the crypto space in the past several days. It all started on Friday when the upcoming US president launched his own meme coin that sent shockwaves across the entire market.
The controversy continued in the past 24 hours as his wife released a meme coin of her own. BTC and most altcoins slumped hard, as the primary cryptocurrency even dumped below $100,000 at one point.
Yet, the bulls are back in charge as they initiated a massive leg up in the following hours. Not only did bitcoin manage to recover all losses, but it went further on the offensive minutes ago and shot up to $109,420 (on Bitstamp) to break its December all-time high and chart a new one.
This places BTC’s market cap at well over $2.1 trillion, making it once again the seventh-largest asset by that metric. Next in line are Amazon ($2.375 trillion) and Alphabet ($2.4 trillion).
This enhanced volatility and new record come just hours ahead of Trump’s inauguration, which is scheduled to take place later today. Given his relationship and promises to the industry, more fluctuations are expected as the day progresses.
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