- Bitcoin crossed the $109,000 mark ahead of Trump’s inauguration, driven primarily by Korean market activity.
- U.S. investors have yet to contribute significantly to this rally, leaving room for further gains.
The market has shown sustained bullish momentum over the past week, with Bitcoin [BTC] climbing 15.06%. This upward movement intensified in the last 24 hours, gaining 2.68% and reaching its new record high.
Korean investors have played a pivotal role in this rally, supported by rising market sentiment and an increase in active Bitcoin addresses.
Insights from AMBCrypto suggest that further upside potential remains as conditions evolve.
Bitcoin hits new all-time high as on-chain activity spikes
Bitcoin has reached a new all-time high, trading at $109,114.88, at press time, on the 20th of January, according to CoinMarketCap. At the time of writing, BTC’s trading volume surged by 120.34% to $110 billion. Its market capitalization climbed to $2.13 trillion.
This milestone comes just ahead of Donald Trump’s inauguration today. Market optimism surrounding his perceived pro-crypto stance may be fueling bullish sentiment.
The surge is further supported by an 11.47% rise in active Bitcoin addresses over the past 24 hours. 798,140 addresses were participating in on-chain transactions.
Source: IntoTheBlock
Spikes in activity, alongside increases in price and trading volume, often shows the potential for a sustained market rally. BTC’s momentum could gain further traction as investors respond to market dynamics.
Korean investors drive BTC surge
Data from CryptoQuant indicates that BTCs recent high is closely linked to a rise in the Bitcoin: Korea Premium Index—a metric that measures the relative strength of Korean retail investors by tracking the price gap between South Korean exchanges and others.
The index reflects market sentiment, with values above the neutral zone (0) meaning bullish, and below this zone shows bearish behavior among Korean investors.
At press time, the index stood at 4.42, indicating a significant price difference on South Korean exchanges and strong BTC purchasing activity.
Source: CryptoQuant
The U.S. Premium Index, comparing Coinbase prices to other exchanges, shows a negative reading of -0.1189. This suggests U.S. investors are currently selling BTC.
Although this might seem bearish, it highlights an opportunity for further price gains. U.S. investors, known for their market influence, have yet to enter the current rally.
If they begin purchasing BTC following Trump’s inauguration, Bitcoin could experience another significant price jump.
A similar trend occurred on the 5th of November, when increased U.S. participation drove BTC to its previous all-time high of $108,353, following Trump’s Presidential victory.
BTC and ETH market cap gap hits record high
The market capitalization gap between BTC and ETH has reached an unprecedented $1.75 trillion, marking the largest differential in history.
This indicates a significant shift in investor preference toward BTC, which is now attracting more capital compared to ETH, the second-largest cryptocurrency by market cap.
Source: TradingView
Read Bitcoin’s [BTC] Price Prediction 2025–2026
The widening gap could open an opportunity for investors to increase their BTC holdings or shift their focus away from ETH.
This trend aligns with the prevailing bullish sentiment surrounding BTC, potentially driving its price higher. Analysts suggest BTC could surpass $110,000 in upcoming market sessions if momentum persists.
