Prior to the U.S. Presidential inauguration on Monday, January 20, 2024, the crypto market witnessed a massive fluctuation as many tokens plummeted significantly and recovered within a few hours. Consequently, Bitcoin (BTC), the world’s first and most valued cryptocurrency, dropped below the six-figure mark to reach $99,600. Within six hours, the apex coin soared by over 10% to reach a new all-time high of $109,800.
At press time, the crypto had settled at the $108,000 mark and appeared to be gearing up for a further uptrend. The community and investors anticipate another uptrend following the inauguration of U.S. President-elect Donald Trump.
BTC Goes Bullish in 2025
Starting this year, BTC soared to reclaim the $100,000 mark despite a massive sell-off from traders and investors who cashed their profits. Driven by a bullish spirit, the entire crypto market capitalization soared to approximately $3.5 trillion.
Meanwhile, earlier on Monday, the market cap of BTC reached an all-time high of $3.91 trillion as investors pumped funds into BTC and many promising altcoins, including Solana (SOL), Ethereum (ETH), $TRUMP, and $MELANIA.
Notably, the price pump is driven by the expectations of more crypto investors when Donald Trump sits as the U.S. president. He has promised to establish a strategic Bitcoin reserve for America and to ensure the country never sells any of its seized BTC in imitation of El Salvador – the world’s first Bitcoin country.
Institutional and National Adoption Drives Price
Another contributing factor to the BTC uptrend is the wide range and speed at which a few countries and publicly traded companies have pronounced support for BTC and regularly shop to hold for the long term.
Remarkably, MicroStrategy, an American business intelligence firm, takes the lead and holds almost 500,000 BTC. Yesterday, the company’s founder and chairman, Michael Saylor, signaled to the community that a new purchase announcement would be forthcoming. This would make his ten-week bitcoin purchase streak.
Meanwhile, the recent uptrend has played out the predictions of many bullish investors and analysts who have always foreseen a new all-time high in Q1 2025.
