Crypto Buzz: Trump's Cryptocurrency Spikes While Melania's Coin Drops Out Of Top 100

The cryptocurrency associated with former United States President Donald Trump, known as $TRUMP, has maintained its value, hitting an $8 billion market capitalization on January 22. This comes as Melania Trump's meme coin has seen a decline, dropping out of the Coinmarketcap top 100, with its market value falling to $760 million. As of the morning of January 22, the $TRUMP coin experienced a 17 percent increase from the day before, trading at $41.28 and boosting its market cap to $8.26 billion, illustrating a significant gain of 17.14 percent, according to Coinmarketcap statistics.

In contrast, Melania Trump's cryptocurrency is currently valued at $3.97 per coin, marking a decrease of 1.19 percent from the previous day. Its market capitalization has slightly decreased to $762.13 million. After a temporary recovery in value around the middle of the previous day, the coin has again started to lose value.

Meanwhile, Bitcoin, the most prominent cryptocurrency globally, has seen its price surge to $105,717, significantly exceeding the $100,000 threshold. This 3.09 percent increase from the prior day comes as investors anticipate Donald Trump's potential to become a "crypto President," despite some earlier disappointments. Interestingly, Bitcoin's market dominance has slightly decreased to 57.54 percent, a minor drop of 0.21 percent, as per Coinmarketcap's data.

Cryptocurrency Market Fluctuations

The cryptocurrency market as a whole has experienced a downturn in the last 24 hours, with the total market volume dropping by 36.58 percent to $200.59 billion. Despite this general decline, certain cryptocurrencies have managed to record gains. Ethereum, for example, has risen by 2.72 percent to a trading price of $3,330.59, pushing its market capitalization to $401.34 billion. Moreover, the Solana token, which is associated with the blockchain platform linked to the Trump family's meme coins, has also seen an increase. Its price jumped by 8.38 percent, reaching $254.67, with a market cap of $123.92 billion.

Bitcoin had briefly achieved an all-time high of 109,000 ahead of Trump's inauguration on January 20. However, its value dropped below this peak as many were left disappointed by the lack of executive orders related to cryptocurrency from the new President on his first day, a fact highlighted in a Reuters report.

These developments in the cryptocurrency market underscore the volatile nature of digital currencies, with values fluctuating widely based on various factors, including political endorsements and the broader market trends. As the market navigates through these changes, the focus remains on how political figures like Donald Trump could influence the future of cryptocurrency.

In summary, while the $TRUMP meme coin has seen a notable increase in value, Melania Trump's cryptocurrency has not fared as well, dropping out of the top 100. Despite the overall dip in the cryptocurrency market, Bitcoin continues to hold strong above $100,000, with other cryptocurrencies like Ethereum and Solana also posting gains amidst the market's fluctuations.