Cryptocurrency Market is experiencing a notable rise. Bitcoin (BTC) is approaching its all-time high, reaching $69,700. This situation has excited cryptocurrency investors. Besides Bitcoin, Ethereum (ETH) rose to $3,353, and Solana (SOL) reached $193. Ripple’s XRP is trading at $0.607. All these developments have increased the global cryptocurrency market‘s total value to $2.48 trillion, marking a 3.5% rise in the market.
Trump’s Statements Are Seen as the Main Supporter of the Rise
One of the most significant factors triggering this rise in the cryptocurrency market is the statements of former US President and 2024 presidential candidate Donald Trump. Trump promised to make the US the “center of crypto” and a “Bitcoin superpower.” He stated his intention to encourage cryptocurrency production in the US.
Moreover, Trump announced his plan to remove SEC Chairman Gary Gensler and replace him with someone who would support crypto innovation. These statements resonated widely in the crypto world and created a positive atmosphere in the market.
Cryptocurrency market optimism is also fueled by the easing of inflation in the US. The reduction in inflation pressures has increased expectations among investors that the US Federal Reserve (Fed) will cut interest rates. As known, lower interest rates can reduce borrowing costs and encourage investment in risky assets. This situation may increase the inclination towards risky assets like Bitcoin and altcoins.
On the other hand, the increasing investments of large investors, known as crypto whales, have also contributed to the market rise. According to data from the Unusual Whales platform, crypto whales purchased significant amounts of cryptocurrency over the weekend. The entry of such large investors generally reflects confidence in the market’s future and has an upward effect on prices.
Memecoin Market Also on the Rise
Besides Bitcoin and major altcoins, memecoins are also performing well. The overall rise in the cryptocurrency market has brought vitality to the memecoin market.
Popular memecoin Dogecoin (DOGE) is trading at $0.134, while its rival Shiba Inu (SHIB) is changing hands at $0.0000172. Another memecoin named Pepe (PEPE) is trading at $0.00001222.
