Bitcoin tops $109,000

On January 20, on the eve of the inauguration of US president-elect Donald Trump, bitcoin set a new all-time high above $109,000.

On Binance, the price reached $109,588.

Over the past 24 hours, the leading cryptocurrency rose 3.4%. Major altcoins barely responded to bitcoin’s rally. Ethereum was an exception, adding 3.9%.

Overnight into January 20, bitcoin briefly slipped below $100,000. The sharp moves pushed crypto-market liquidations to $1.25bn.

Long positions accounted for $917m. A significant share came from Donald Trump’s official meme coin — $139.9m.

Launched on January 18, the coin the previous day fell from about $73 to around $36, then recovered to roughly $60.

TRUMP’s market capitalisation exceeds $12.3bn (CoinGecko). The asset ranks 21st among cryptocurrencies by market cap, ahead of market veterans such as Polkadot and Litecoin.

The well-known trader under the moniker Gordon said on January 19 that he had opened a $500,000 short position in TRUMP. If the meme coin fell to $55, the amount would turn into $2.7m.

The key to making money is not being emotionally invested, and not getting caught up with the euphoria.

Being greedy when others are fearful, and fearful when others are greedy never fails.

That’s why I’m consistently making big money on shorts and finding 100X meme coins ? https://t.co/3X9N9WUuvg

— Gordon (@AltcoinGordon) January 20, 2025

“The key to making money is not to invest in emotions and not to succumb to euphoria. Being greedy when others are fearful, and fearful when others are greedy. That never fails,” he commented on the successful trade.

According to Bloomberg, Trump intends to make cryptocurrencies a national priority for the United States.