Bitcoin (BTC) begins the week at another all-time high as optimism around the new presidential administration builds.
At the time of writing, BTC is trading above $107,000, up almost 10% in the past week and more than 150% year-to-date.
President-elect Donald Trump, the United States’ first digital assets commander-in-chief who bills himself as the “president of crypto,” was spotted this weekend accumulating several altcoins.
Trump’s World Liberty Financial (WLFI) project treasury acquired at least $50 million worth of crypto assets, including Ethereum (ETH), Chainlink (LINK), and Aave, according to data from crypto intelligence platform Arkham. .
Arkham data also shows that Donald Trump’s personal wallets currently contain more than $12 million in altcoins, although most appear to be memecoins sent to him for promotional purposes.
In an interview with CNBC’s Jim Cramer, Trump also appears to still be open to the idea of a national Bitcoin reserve.
Said Trump,
“We’re going to do something great with crypto because we don’t want China or anyone else…but others are adopting it and we want to be ahead of the curve.”
Tony Sycamore, an analyst at IG, told Reuters that Trump’s comments likely dashed hopes of a BTC correction.
“We are in blue skies here… The next number the market will look for is $110,000. The withdrawal that many people expected just didn’t happen because now we have this news.”
Pseudonymous crypto analyst TechDev shared a chart with his 489,000 followers on social media platform X, suggesting that Bitcoin is roughly halfway through a parabolic advance toward the $180,000 mark.
TechDev also recently predicted the start of an “alt season,” based in part on a Wyckoff accumulation model on the OTHERS chart, which measures the market capitalization of all digital assets excluding the top ten.
At the time of writing, OTHERS is off about 23% from its 2021 highs.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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