Bitcoin surged to a new all-time high of $109,114 on Monday, Jan. 20, before slightly pulling back to $106,940, reflecting a 2% increase in the past 24 hours. This sharp price jump contributed to pushing the total cryptocurrency market capitalization to an impressive $3.7 trillion.
The rally has been fueled by growing speculation within the crypto community that President-elect Donald Trump might mention Bitcoin reserves during his inauguration speech. Although Trump has not confirmed any intention to address Bitcoin, rumors continue to circulate, adding to the excitement.
In a related development, pro-crypto U.S. Senator Cynthia Lummis (R-WY) introduced the BITCOIN Act to the Senate last July. The proposed legislation aims for the U.S. Treasury to acquire 1 million Bitcoin—approximately 5% of the total supply—by purchasing it with existing Treasury funds in amounts consistent with the U.S.’s current gold reserves.
Despite Bitcoin’s record-breaking price, other altcoins have outperformed it recently. Tokens linked to Trump’s meme coin initiative on the Solana network, such as MELANIA Meme, Fartcoin, and Aave, have seen notable gains, with returns of 68%, 35%, and 18%, respectively, in the past 24 hours.
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