The cryptocurrency market is riding high as Bitcoin shattered records on Monday, climbing to a new all-time high of $109,900 (€106,485). Adding to the frenzy, incoming U.S. President Donald Trump unveiled his own meme coin last week, which generated billions of dollars in just two days.
Crypto Market Soars Ahead of Trump’s Inauguration
The total cryptocurrency market capitalization surged to $3.72 trillion (€3.63 trillion) on Monday morning, according to market analysts. This milestone reflects heightened enthusiasm over President-elect Trump’s crypto-friendly stance. Bitcoin, which was trading at approximately $70,000 (€67,825) in early November, skyrocketed past $100,000 (€96,893) within two months.
“The market is experiencing unprecedented volatility, driven by optimism surrounding Trump’s policies on digital assets,” said Alex Kuptsikevich, FxPro’s chief market analyst.
$Trump Coin Becomes an Instant Hit
Trump unveiled his meme coin, $Trump, on Friday at an initial price of $6 (€5.81). The coin quickly surged to $75.35 (€73.01) before stabilizing at a total market capitalization of $10 billion (€9.7 billion) by Monday morning, according to CoinMarketCap.
The coin’s rapid success is partly attributed to CIC Digital LLC, a company linked to the Trump family business, which holds 80% of the token supply.
Adding to the excitement, incoming First Lady Melania Trump launched her own cryptocurrency, $MELANIA, on Sunday. The token doubled in value, reaching a market capitalization of over $2 billion (€1.9 billion).
Criticism of Financial Exploitation
While the meme coins have garnered massive attention, they have also sparked criticism. Critics argue that Trump’s cryptocurrency ventures could be seen as leveraging his political position for financial gain.
The “Crypto President” Pledges Support for Digital Assets
Trump’s pivot to cryptocurrency marks a dramatic shift from his earlier skepticism, when he described Bitcoin as a “scam.” On the campaign trail, he vowed to position the U.S. as the “crypto capital” of the world.
Among his promises are the creation of a Strategic Bitcoin Reserve and the introduction of regulations favorable to the cryptocurrency industry. Trump’s cabinet picks reflect his crypto-friendly agenda, with key positions in Treasury, Commerce, and the SEC filled by digital asset proponents.
Crypto Ball Celebrates Trump’s Inauguration
The crypto community is rallying behind Trump, hosting a sold-out “Crypto Ball” on Friday evening to celebrate his presidency. Billed as a first-of-its-kind event, the gala features high-profile entertainment and tickets priced at several thousand dollars.
As Trump prepares to take office, his embrace of digital currencies signals a transformative moment for the U.S. cryptocurrency market and its global standing.
