Bitcoin ripped to a new all-time high of over $109,200 today.
The rebound from a slump earlier over the past 24 hours was driven by anticipation surrounding the inauguration of US President-elect Donald Trump later today.
Optimism is mounting about pro-crypto executive orders as he enters the White House.
Improved trade relations between the US and China and continued easing measures are also helping create a favourable environment for risk assets like Bitcoin.
“Bitcoin’s supply dynamics and institutional demand point to a wild year ahead,” wrote David Brickell, head of international distribution at FRNT Financial, and former currency trader Chris Mills.
Experts predict that a fresh deluge of liquidity could push Bitcoin to $200,000 and beyond this year.
Trump’s pro-crypto stance and anticipated executive orders that could declare digital assets a national priority are energising crypto sentiment.
Bernstein analysts highlighted the significance of Trump’s policies and promises, as being the “strongest market signal for crypto holders.”
