Bitcoin’s price crossed the $100,000 mark on Friday, reaching $101,526 (roughly Rs. 87.8 lakh) on global cryptocurrency exchanges, as the market anticipates the inauguration of US President-elect Donald Trump on January 20. On Indian platforms like CoinSwitch and Giottus, Bitcoin was trading even higher at $104,532 (roughly Rs. 90.5 lakh), reflecting a 1.5 percent gain. The global crypto market cap has also surged by 2.06 percent in the past 24 hours to stand at $3.56 trillion (roughly Rs. 3,08,22,831 crore), according to CoinMarketCap.
While Bitcoin continues its bullish trajectory, Ether saw a slight decline, dropping by 1.03 percent to $3,370 (roughly Rs. 2.91 lakh) on international exchanges. On Indian platforms, Ether was trading at $3,483 (roughly Rs. 3.01 lakh), reflecting a 0.59 percent dip.
Market Momentum Ahead of Trump’s Inauguration
The bullish momentum in Bitcoin comes as speculation grows over the incoming Trump administration’s crypto-friendly policies. Analysts suggest that Trump’s potential move to pause the creation of a central bank digital currency (CBDC) could further bolster Bitcoin’s appeal as a decentralized asset.
“Coinbase’s recent introduction of Bitcoin-backed loans for US customers could significantly boost adoption levels. Additionally, talks of creating a national Bitcoin reserve have escalated as Trump prepares to meet with key figures from Solana and XRP,” said the CoinDCX research team in a statement to Gadgets 360.
Altcoins Join the Rally
Alongside Bitcoin, other cryptocurrencies have posted gains. Ripple, Tether, Solana, Binance Coin, Dogecoin, and USD Coin experienced price increases. Tron, Avalanche, Chainlink, Stellar, Shiba Inu, Polkadot, and Litecoin also saw positive momentum on Friday.
However, not all tokens benefited from the rally. Cardano, Augur, and Circuits of Value registered losses during the same period.
“The prospect of monetary easing from the Federal Reserve has fueled optimism, causing Bitcoin and altcoins like XRP to surge. The crypto market is entering a transformative phase driven by institutional participation and innovation, setting the stage for exponential growth,” said Avinash Shekhar, Co-Founder and CEO of Pi42, in an interview with Gadgets 360.
Changing Market Dynamics
Ethereum’s slower performance, contrasted with surges in altcoins, signals a shift in trader sentiment, according to analysts. “Ethereum has shown sluggish behavior while altcoins surge, indicating that traders are reallocating focus,” the CoinDCX team noted.
Global Impact
The recent price rally reflects growing optimism in the cryptocurrency ecosystem. Bitcoin’s value has more than doubled over the past year, driven by increasing institutional adoption and the anticipation of favorable regulatory changes under Trump’s administration.
The market’s outlook remains positive as the crypto ecosystem solidifies its role as a key pillar of the modern economy. With innovations such as NFT-based ticketing for large events like the Maha Kumbh and the development of dedicated infrastructure like the 17-story "Crypto Tower" in Dubai, the sector is poised for exponential growth.
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