The cryptocurrency market is going through what Bernstein analysts are calling a “new chaotic era,” all thanks to the unexpected success of President Donald Trump’s meme coin. Within just a few days of its Jan. 17 launch, the TRUMP token shot up to an eye-popping market capitalization of $14.5 billion, even surpassing Dogecoin (DOGEUSD) in trading volume.
The sudden rise of TRUMP, along with Bitcoin’s (BTCUSD) impressive jump past $104,000 on Inauguration Day, has stirred up both excitement and concern in the crypto world. Some see it as a worrying throwback to the speculative frenzy of the meme coin craze, while others believe it marks a turning point for making crypto more mainstream. Bitcoin’s market cap has now hit $2.018 trillion — an incredible 163.1% jump from last year.
