The Bitcoin price has just reached a new milestone with an impressive all-time high of $109,500. This marks a new chapter in the history of the digital currency, which saw a major correction earlier in the night.
The price dropped to $99,300 at the time, but this dip turned out to be short-lived. Bitcoin made an explosive advance in the early morning, leading to this record high. It is currently trading around $109,100, indicating a continued volatile market.
Price discovery phase amplifies volatility
The current volatility is mainly caused by the price discovery phase that Bitcoin is in. As the price explores new highs, buyers and sellers are trying to find a balance, leading to wide price swings. This phase is characteristic of markets that reach new all-time highs and are often accompanied by increased trading activity and speculation.
Optimism surrounding Trump’s inauguration
In addition to Bitcoin’s price movements, today is also a historic day because of the inauguration of Donald Trump as President of the United States. This event has generated a lot of enthusiasm within the crypto community. There is widespread optimism that Trump’s policies will be beneficial for the adoption and development of crypto in the country.
The fact that both Trump and Melania launched their own crypto memecoins yesterday has further fueled the mood. These initiatives are seen as a signal that crypto can play a prominent role under the new policy. This has further increased confidence in the market, which likely contributed to Bitcoin’s impressive rally.
Tension in the market
It is clear that the market is currently in an exciting phase. The combination of new price records, high volatility and the optimism surrounding Trump’s inauguration creates a unique dynamic. For many crypto investors and enthusiasts, this is a day they will not soon forget.
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Source: https://newsbit.nl/bitcoin-koers-bereikt-plotseling-nieuwe-all-time-high-van-109-500/
