
In accordance with the crypto rally expected ahead of Donald Trump's second-term inauguration, Bitcoin skyrocketed above $105,000 on Sunday.
Recapturing lost ground, the world's biggest cryptocurrency's exceptional ascend, briefly touching the $106,000 mark, was an indication of optimism surrounding the crypto sphere's future under the Trump administration.
It also corroborates the second-time US president's staunch stance in favour of the digital asset industry, according to ProPakistani.
Bitcoin's market value as of today, on January 19, was recorded at $105,047 at the time of filing, rising 1.86% with its market capitalisation reaching $2.08 billion on Sunday.
During the outset of the week ending January 19, the most-traded cryptocurrency was reportedly steep, followed by its sub-$90,000 dip triggered by uncertain US Federal Reserve policies.
However, the likelihood of substantial interest rate cuts revived fruitful prospects around Bitcoin.
This comeback is reminiscent of Bitcoin's historically significant strides each time followed by decreasing interest rates, garnering investor optimism before registering skyrocketing gains.