The leading cryptocurrency reached $109,114 on January 20 before pulling back slightly to $106,940, reflecting a 2% gain in the past 24 hours.
This rally propelled the global cryptocurrency market capitalization to $3.7 trillion. The surge coincides with speculation that Trump may address Bitcoin’s strategic significance during his inauguration speech, set to take place at noon Eastern Time on January 20 in the Capitol Rotunda. While Trump has not confirmed plans to discuss Bitcoin, rumours of such an announcement continue to energize the crypto community.
Adding to the buzz is the BITCOIN Act, introduced by pro-crypto Senator Cynthia Lummis (R-WY) in the U.S. Senate. The bill proposes that the U.S. Treasury acquire 1 million Bitcoin—approximately 5% of the total supply—by reallocating existing Treasury funds to match the department’s gold holdings.
Meanwhile, Bitcoin’s rise hasn’t overshadowed the stellar performance of some altcoins. Following the launch of Trump-themed meme coins on the Solana blockchain, tokens like MELANIA, Fartcoin, and Aave have surged 68%, 35%, and 18% respectively in the past day.
Investors are closely watching the inauguration and its potential impact on cryptocurrency policy, with market speculation driving excitement across the crypto sector.