Bitcoin Price Hovers Near $102,000 as Altcoins Fluctuate Ahead of Donald Trump Inauguration

Cryptocurrencies prices are fluctuating as the values of digital assets remain volatile, ahead of US President-elect Donald Trump's swearing-in ceremony that is scheduled to take place later today. Bitcoin's price dropped by 2.82 percent over the past 24 hours on international exchanges, according CoinMarketCap data. At the time of writing, the world's most widely used cryptocurrency was trading at $102,095 (roughly Rs. 88.2 lakh) on global platforms. Meanwhile, on Indian exchanges like BuyUcoin, the price of Bitcoin dropped by two percent over the last day to trade at $107,951 (roughly Rs. 93.3 lakh).

“BTC faces a critical test at $105,000 (roughly Rs. 90.8 lakh). A decisive breakthrough at this level may pave the way for new highs, potentially reaching $110,000 (roughly Rs, 95.1 lakh), while failure may trigger retracement, testing support at $98,000 (roughly Rs. 84.7 lakh) and $95,000 (roughly Rs. 82 lakh),” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360 on Monday.

Like Bitcoin, Ether's price dipped by around one percent on both national and international exchanges on Monday. At the time of writing, ETH was trading at $3,297 (roughly Rs. 2.85 lakh) on global exchanges and at $3,503 (roughly Rs. 3.03 lakh) on Indian exchanges.

Both BTC and ETH saw their values drop shortly after new digital assets were launched by Donald Trump and his wife, Melania. These altcoins saw their prices skyrocket, hours after they were launched this weekend. Presently, the Official Trump token is trading at $47.8 (roughly Rs. 4,314) while the Melania Meme token is trading at $10.04 (roughly Rs. 868), as per CoinMarketCap data.

“The launch of Donald Trump's own digital asset has raised investor confidence in a crypto-friendly announcement after the inauguration. The meme coin has also led to a spike in Google searches for crypto-related terms, signalling an increase in retail interest. Meanwhile, institutions are actively participating, with MicroStrategy hinting at Bitcoin purchases for the 11th week in a row, and Bitcoin ETFs recording positive net inflows for three consecutive weeks,” Edul Patel, CEO of Mudrex told Gadgets 360.

The Official Trump token was launched on the Solana blockchain, which propelled the SOL token to a new all-time high of $293 (roughly Rs. 25,343) on global exchanges. According to the Gadgets 360 crypto price tracker, most crypto assets saw their prices drop Monday.

These include Ripple, Tether, Dogecoin, USD Coin, Cardano, and Tron.

Similarly, Avalanche, Stellar, Shiba Inu, Polkadot, and Uniswap were also cheaper at the time of writing.

The overall valuation of the crypto market shrunk by 2.30 percent over the past 24 hours, and it currently stands at $3.55 trillion (roughly Rs. 3,07,06,394 crore). “Liquidity appears to be flowing within the newly launched memes that may delay a potential altseason,” the CoinDCX Research Team told Gadgets 360.

Chainlink joined Leo, Iota, Circuits of Value, and Bitcoin Hedge rose in value on Monday.

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