Bitcoin Reclaims $100k as Traders Gear Up for Trump’s Inauguration

TL;DR

• Bitcoin reclaimed the $100k level earlier today after adding over 1% to its value in the last 24 hours.

• Traders are positioning for a possible rally as Trump’s inauguration draws closer.

BTC Hits $100k After Weekend Rally

Bitcoin, the leading cryptocurrency by market cap, reclaimed the $100k mark earlier today after adding more than 1% to its value over the last 24 hours. At press time, BTC is trading at $99,700 per coin, up 1.3%.

This latest milestone comes after Bitcoin rallied over the weekend, with altcoins also in the green. It also comes as traders are positioning for a rally to record highs after President-elect Donald Trump takes office on Jan. 20.

Market trends indicate that Bitcoin could reach record highs following President-elect Donald Trump’s inauguration on Jan. 20. Data obtained from Amberdata revealed that on Saturday, a trader on crypto exchange Deribit spent over $6 million to purchase the $100,000 strike call options set to expire on March 28. Thus, indicating that traders are optimistic of higher prices in the coming weeks and months.

Greg Magadini, director of derivatives at Amberdata, said in a weekly newsletter that,

"The inauguration and right after will be a prime-time for bullish announcements and policies that could be bullish catalysts for bitcoin to move higher."

Thanks to this latest rally, the total cryptocurrency market cap now stands above $3.5 trillion.