Bitcoin Nears $108K as U.S President Launches Meme Coin
The bitcoin price surged to a record high on Monday after U.S. President Donald Trump launched a meme coin that boosted crypto community sentiment. Trump has promised to be crypto-friendly and is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.
Data from Crypto Exchange revealed that the world’s largest digital asset surged past $107,000, up by about 16% in 7 days in the market as the rally persisted. The second largest crypto asset, Ethereum, price increased near $3,400 at the same time, up by 6.73% over a week as retail investors increased bets. Most of the major cryptocurrency have recorded strong price appreciation on the latest euphoria relating to crypto, friendly Trump presidency.
On Monday, the global crypto market cap reached $3.71 trillion, representing a 2.28% increase over the last day. The surge was on volume growth driven by buy-side actors in the cryptocurrency space. The total crypto market volume over the last 24 hours settled at $394.32 billion, which makes a 111.04% increase.
Data from CoinMarketCap.com showed that the total volume in DeFi is currently $21.37 billion, accounting for 5.42% of the total crypto market 24-hour volume. Also, the volume of all stable coins settled at $364.73 billion, which is 92.50% of the total crypto market 24-hour volume.
Trump’s newly minted cryptocurrency soared on Monday to top $9 billion in market value, drawing in billions in trading volume just hours ahead of the U.S. President-elect’s return to the White House.
The meme coin, also known as $TRUMP, surged 73% to $46.06 during Asian hours on Monday, giving it a market capitalisation of about $9.2 billion, according to CoinMarketCap. Its 24-hour trading volume reached $42.2 billion.
Trump had on Friday launched the digital token branded with an image from his attempted assassination in July, expanding his cryptocurrency interests that already include World Liberty Financial. On Friday, major digital assets rose, with Bitcoin (BTC-USD) advancing toward its record high hit in December.
The CoinDesk Market Index, which tracks 124 digital assets, jumped 4.3% in the past 24 hours. The Nasdaq 100 was up 1.7% in late trading, while the S&P 500 and the Dow Jones Industrial Average climbed 1.1% and 0.9%, respectively.
Bitcoin was 4.4% higher at $104,951, stretching this week’s gain to about 11% and rallying toward last month’s all-time peak above $108,000, according to CoinMarketCap data.
The most popular cryptocurrency’s trading volume surged 31% to $70.74 billion. Ethereum (ETH-USD), the second-largest digital asset by market value, was up 5.5% at $3,523 and on track for a weekly gain of nearly 8%. XRP (XRP-USD) dipped 1%, while Solana (SOL-USD) added 3.6%, and BNB (BNB-USD) gained 1.8%.
Dogecoin (DOGE-USD) surged 8.8%, and Cardano (ADA-USD) rose 2.8%. The US 10-year Treasury yield closed at 4.609%, up from Thursday’s close of 4.604%, while the five-year yield rose to 4.412% from 4.394%. #Bitcoin Nears $108K as U.S President Launches Meme Coin
