yolowire.com - The price of Bitcoin (CRYPTO: BTC) has reached a record high above $109,000 U.S. hours before Donald Trump's inauguration as U.S. president.
Bitcoin rallied to an all-time high of $109,333 U.S. as Trump prepares to be sworn in for a second term as America’s president.
The rally in Bitcoin comes as Trump mentioned the largest cryptocurrency by market capitalization and its performance in a speech he gave the day before his inauguration.
“Since the election, Bitcoin has shattered one record high after another,” said Trump.
Bitcoin’s record high comes amid growing volatility in the crypto market. The price of Bitcoin fell as low as $100,000 U.S. on Jan. 19, the day before Trump’s inauguration, before rallying higher.
Trump has been vocal about his support of crypto and has promised to make the U.S. the “crypto capital of the planet.”
The current rally in Bitcoin also comes as Trump and his wife Melania each launched their own cryptocurrency ahead of the inauguration that’s scheduled to take place Jan. 20.
Both TrumpCoin and MelaniaCoin have no underlying value and are being referred to by analysts as “meme coins.”
However, Trump Coin has caused a frenzy in recent days, with its price peaking at over $75 U.S. per digital token.
Many analysts have been revising up their year-end target prices for Bitcoin as the rally in the entire crypto market gathers strength.
The average year-end price target for Bitcoin is currently at $185,000 U.S., according to data from CoinDesk.
But not everyone is enthusiastic about the crypto rally. Some analysts are urging caution, saying the current frenzy could be a tipping point before a crypto bubble bursts.
Bitcoin’s price has now risen 157% in the last 12 months.