Bitcoin Hits Record Above $109,000 Ahead Trumps Return
The world's largest cryptocurrency has maintained strong momentum, trading at $107,518 at press time, after reaching a new all-time high of $109,350 at Binance. Ethereum has also added 3.5% in 24 hours, trading at nearly $3,400, while XRP is up 2%, reaching $3.20. Chainlink is leading the gains, surging 15% to climb to $26.50.
But what's behind this surge? Well, it's not just the prospect of pro-crypto policies under Trump's administration. Institutional adoption is also on the rise, with major financial institutions like Standard Chartered and analysts like Tim Draper highlighting increased interest. The 2024 halving event has also led to a reduction in Bitcoin supply on exchanges, creating supply constraints that support price increases.
As for what's next, experts are predicting that Bitcoin could reach $250,000 by the end of 2025, driven by factors like merchant adoption, the impact of the 2024 halving event, and a supply shortage on exchanges. Standard Chartered forecasts a price of $200,000, while Arthur Hayes projects a more conservative target of $175,000.
It's worth noting that the "OFFICIAL TRUMP" token, which was launched recently, has also been making waves, reaching levels above $70 on Sunday ยน. However, its price has since dropped to $58, with a market cap of just under $11.7 billion and an exceptionally high trading volume of $52 billion.
Overall, it's an exciting time for the cryptocurrency market, and it will be interesting to see how things unfold in the coming months.
https://www.channelstv.com/2025/01/20/bitcoin-hits-record-above-109000-ahead-trumps-return/