Key Takeaways
- Trump credited his election for stock and Bitcoin rallies.
- Bitcoin hit $107K in December before retreating to $101K.
- Melania's memecoin launch affected Bitcoin and Trump's token.
President-elect Donald Trump credited his election victory for the stock market rally and Bitcoin’s recent all-time highs in his final speech before his inauguration.
Referring to the recent uptick in economic momentum, Trump said during the rally:
You are already seeing results that nobody expected to see.
He has humbly dubbed this phenomenon:
The Trump effect.
He highlighted record-breaking figures:
Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another.
Market performance
The S&P 500 and Nasdaq hit all-time highs in December 2024, peaking at 6,090 and 20,204 respectively.
Bitcoin followed a similar trajectory, reaching $107,000 on December 17 before retreating to $90,000.
It has since rebounded to $101,000 but dropped from earlier highs, coinciding with the release of Melania Trump’s memecoin, MELANIA.
Memecoin drama
Launched on January 19, MELANIA reached a $5 billion fully diluted valuation but diverted attention from Trump’s own Official Trump memecoin.
After peaking at a $72 billion fully diluted valuation, Official Trump’s market cap halved to $8.8 billion following MELANIA’s debut.
Notable omissions
Notably absent from Trump’s speech was any mention of the memecoins or their impact on Bitcoin’s volatility.
Despite this omission, his comments have amplified the association of his presidency with market performance.
