Bitcoin has recovered from the recent test of support around $90,000.
BTCUSD – Daily Chart
The price of BTC has risen again above the $100,000 level. The strong support is just below and it will be crucial for Trump to deliver on his crypto plans.
Bitcoin was able to test the recent highs but slipped back after Trump made no mention of crypto in his address. The Ethereum-bitcoin ratio also dropped to the lowest since 2021 as incoming President Trump is seen favouring BTC.
Ethereum has underperformed its rival as Solana gained traction through the memecoin frenzy. Trump recently launched an official memecoin on the Solana network instead of Ethereum.
“That said, World Liberty Financial’s recent accumulation of $ETH highlights that Ethereum continues to maintain strong appeal among institutions. As the only cryptocurrency besides Bitcoin with an ETF, Ethereum is well-positioned to be the next focal point after Bitcoin,” Jung added. World Liberty Financial is a crypto lending platform promoted by Trump and his sons.
Now around the $42 mark, TRUMP has surged to a $8.8 billion market capitalization, making it the 25th largest coin in the market. Bitcoin has surged against its competitors but is also gaining on gold with bitcoin against the gold market cap now as high as 11.4%. Trump announced his administration’s “America First Priorities” on Monday, but none mentioned cryptocurrencies or his planned strategic Bitcoin reserve.
According to a White House briefing, Trump’s priorities include public safety, boosting energy independence, and reforming government bureaucracy. Bitcoin now must hold the $100k level or a correction below the recent support test could happen.
