Bitcoin's price movement today is largely influenced by the anticipation surrounding Trump's upcoming inauguration and the potential for a pro-crypto administration. The market is optimistic about the possibility of favorable regulatory changes and the establishment of a national Bitcoin reserve, which has been a topic of discussion among crypto enthusiasts. This sentiment has been bolstered by a lower-than-expected core inflation report in the U.S., which has increased the likelihood of further Federal Reserve rate cuts, thereby fueling market confidence.
Additionally, Bitcoin's recent surge past the $100,000 mark is supported by a broader recovery in the crypto market, as seen in the rising market capitalization and trading volume. Analysts suggest that Bitcoin's return to the $100,000 level is a key signal for the market, indicating growing investor confidence. The cryptocurrency's dominance remains strong, and its upward momentum is mirrored by gains in major altcoins like XRP and Solana.
Bitcoin's price has increased by 1.56% today, reaching $101,535.98, with a high of $101,998.39.