Bitcoin (BTC) starts the week at another all-time high as optimism grows around the new presidential administration.
At the time of writing, BTC is trading above $107,000, up nearly 10% over the past week and over 150% year to date.
President-elect Donald Trump, the first US commander in chief to openly advocate digital assets and call himself the “crypto president”, was seen amassing several altcoins over the weekend.
Trump’s treasury project, World Liberty Financial (WLFI), has purchased at least $50 million worth of crypto assets, including Ethereum (ETH), Chainlink (LINK) and Aave, according to crypto analytics platform Arkham.
Arkham data also shows that Donald Trump currently has more than $12 million in altcoins in his personal wallets, although most of these coins appear to be memecoins sent to him for promotional purposes.
In an interview with CNBC’s Jim Cramer, Trump also revealed that he remains open to the idea of creating a national Bitcoin reserve.
Trump said:
“We’re going to do something great with cryptocurrency because we don’t need China or anyone else… but others are embracing it and we want to be ahead.”
Tony Sycamore, an analyst at IG, told Reuters that Trump’s comments likely dashed hopes of a BTC correction.
“We’re in blue sky territory here… The next number the market will be looking for is $110,000. The pullback that many were waiting for simply did not happen because now we have received this news.”
A crypto analyst under the pseudonym TechDev shared the chart with his 489,000 followers on social media platform X, suggesting that Bitcoin is about halfway through a parabolic rise towards the $180,000 mark.
TechDev also recently predicted the start of an “alternative season” based in part on the Wyckoff accumulation model on the OTHERS chart, which measures the market capitalization of all but the top ten digital assets.
At the time of writing, the OTHERS index is about 23% off its 2021 high.
Generated image: DALLE3
