The price of Bitcoin hit a new all-time high on Monday, climbing above $109,000 just ahead of the inauguration of US President-elect Donald Trump.
During his campaign, Trump voiced support for the cryptocurrency market, and traders anticipate that his administration might ease regulations in the sector.
On Monday, Bitcoin's value peaked at $109,241, according to Barron's and Interfax.
As reported by CoinDesk, the rate stood at $107,617 as of 08:00 London time.
Over the weekend, Trump and his wife Melania introduced their own cryptocurrencies on the Solana blockchain.
Trump unveiled his memecoin, TRUMP, on social media platform X and his own platform, The Truth Social, on Saturday.
The cryptocurrency’s market capitalization briefly surged to $15 billion but dropped below $8 billion after the launch of Melania’s memecoin, MELANIA, on Sunday, which attracted some investors away from TRUMP.
The TRUMP memecoin supply is capped at 1 billion tokens, with 200 million available initially, according to its official website.
CIC Digital, a subsidiary of the Trump Organization, and Fight Fight Fight LLC, a co-owner with CIC Digital, hold 80% of the total supply. The latter is named after Trump’s campaign slogan, "Fight, fight, fight!"
CIC Digital has previously been involved in selling Trump-themed NFTs and campaign merchandise.
