Bitcoin hit a new all-time high of $109,114.88 on Monday, claiming a market cap of $2.13 trillion.
Bitcoin BTC $67 704 24h volatility: 4.3% Market cap: $1.35 T Vol. 24h: $41.04 B , the world’s largest digital asset, reclaimed the $2 trillion valuation over the weekend and now has printed a new all-time high at $109,114.88, around an hour ago. At the time of writing, the leading cryptocurrency trades at $108,062.83, up 2.74% in the past 24 hours, according to the data provided by CoinMarketCap.
The United States president-elect, Donald Trump, is expected to re-enter the White House on January 20, officially marking the beginning of his second non-consecutive term. The billionaire has promised pro-crypto policies and new frameworks for the regulation of blockchain and crypto assets.
The president-elect’s team even launched meme coins called OFFICIAL TRUMP (TRUMP) and Melania Meme (MELANIA) just prior to Inauguration Day, which drew criticism from digital asset market participants. In the past 24 hours, TRUMP shot up 30.88% while MELANIA rose 60.42% as investors classified them as pump-and-dump schemes.
Bitcoin’s surge to a new ATH can also be tied to the remarkable 2,000% increase in the network’s decentralized finance (BTCFi) sector in 2024. Bitcoin staking protocol Babylon has accounted for a massive 80% of the total TVL. The BTCFi sector began the year with a TVL of just $307 million and soared to a high of $6.5 billion.
It is also important to note that a monumental $1.24 billion was liquidated from the digital asset space in the past 24 hours, which includes $911.23 million in BTC longs and $330.22 million in BTC shorts. Data from CoinGlass shows that $137.26 million was liquidated in the past four hours alone.
Bitcoin Price Analysis
Based on the weekly chart below, it is clear that Bitcoin’s uptrend remains undisturbed. Also, the weekly accumulation levels have remained extremely high since 2023 and shot up, especially after the approval of spot exchange-traded funds (ETFs) in the United States in early 2024.
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Source: TradingView
The Relative Strength Index (RSI) for the Bitcoin price action reads a value of 66.48, which means that the bulls are overall in charge of the cryptocurrency’s price action. Further, the gradient of the line suggests that higher prices are very likely, possibly $120,000.
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Source: TradingView
Finally, the MACD indicator shows that the MACD line (blue) remains above the signal line (red), and the two are moving further apart, suggesting an increase in buying pressure in the market. The histogram’s intensity is also gradually increasing after a 117.45% jump in BTC’s trading volume in the past 24 hours.
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