A remarkable rise is observed in the cryptocurrency market. Bitcoin (BTC) is heading towards its previous all-time high, reaching $69,700. This situation has created excitement among cryptocurrency investors. Besides Bitcoin, Ethereum (ETH) rose to $3,353 and Solana (SOL) rose to $193. Ripple's XRP is hovering at $0.607. All these developments increased the total value of the global cryptocurrency market to 2.48 trillion dollars, a 3.5 percent increase in the market overall.
Trump's Statements Are Shown as the Main Supporter of the Rise
The statements of former US president and 2024 presidential election candidate Donald Trump are cited as one of the most important factors that triggered this rise in the cryptocurrency market. Trump has promised to make the United States the "center of crypto" and a "Bitcoin superpower." In this regard, he stated that he wanted to encourage cryptocurrency production in the USA.
Moreover, Trump announced his plan to fire SEC Chairman Gary Gensler and replace him with someone who will support crypto innovation. These statements had wide repercussions in the cryptocurrency world and created a positive atmosphere throughout the market.
Another source of optimism in the cryptocurrency market was the easing of inflation in the USA. The decrease in inflation pressures has increased the expectation among investors that the US Federal Reserve (Fed) will cut interest rates. As it is known, decreasing interest rates can encourage investment in risky assets by reducing borrowing costs. This situation may increase the tendency towards risky assets such as Bitcoin and altcoins.
On the other hand, the increasing investments of large investors, namely cryptocurrency whales, also contributed to the rise in the market. According to data from the Unusual Whales platform, cryptocurrency whales purchased a significant amount of cryptocurrencies over the weekend. The entry of such large investors into the market generally reflects confidence in the future of the market and has an upward pull on prices.
Memecoin Market Is Also on the Rise
Besides Bitcoin and major altcoins, memecoins are also performing positively. It seems that the rise in the overall cryptocurrency market has also 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 called Pepe (PEPE) is trading at $0.00001222.
