Bitcoin (BTC) Touches New All-Time High of $108K as Trump Teases 'More Surprises' for the Crypto Industry

By Jacob Joseph and Jamie Sly (All times ET unless indicated otherwise) As the year winds down, the crypto market seems to be catching an early dose of holiday fervor.

Bitcoin price hit another all-time high on Tuesday as the crypto market showed signs of a year-end rally.

BTC price rose to an all-time high of $107,999 on the Bitstamp exchange. At the time of writing, BTC price is trading around $107,000. A sharp rise in bitcoin price this month follows the election of pro-crypto Donald Trump as U.S. president.

Earlier this month, the president-elect hinted at the possibility of creating a "national bitcoin reserve," which helped fuel bitcoin's rally. The incoming administration’s pro-crypto rhetoric has supercharged sentiment.

Some analysts are drawing comparisons with MicroStrategy’s balance sheet playbook, but on a national scale. While the idea of the U.S. stockpiling bitcoin feels audacious, the markets seem to like the fearlessness.

Crypto markets showed signs of a year-end rally on Tuesday as major coin prices rose. The price of ether rose by 3.2% to reach $3,000 again. XRP price rose 2.4% to reach $0.40.

Among the top 100 coins, the biggest gainer was optimism (OP) token, which rose by 24.4% to reach an all-time high of $3.30. Other top gainers include polygon (MATIC) and avalanche (AVAX) tokens, both of which rose by more than 10%.

Overall, the crypto market seems to be influenced by the upcoming holiday season and the arrival of a new U.S. administration. Markets are also keeping an eye on the Federal Reserve's rate decision on Wednesday. Moreover, with this cycle being characterized by growing institutional participation, the markets might be in for further volatility as the traders prepare for the break.

Usually, TradFi participants adopt a risk-off stance and close positions ahead of the break. Stay Alert!