Bitcoin Jumps to New High Above $109,000 as Traders Celebrate Trump Inauguration and Meme Coins

bitcoin hit a new all-time high overnight after the first incoming pair released a pair of meme coins and as traders await the inauguration of incoming President Donald Trump.

On Monday, the flagship cryptocurrency was last up almost 1% at $106,622.54, according to Coin Metrics. Previously, it rose as high as $109,350.72, after falling below the $100,000 mark on Sunday.

During the weekend, Trump launched he “official trump“meme coin, which has reached a market capitalization of $10.6 billion and is up more than 659% since Friday evening, according to data from CoinGecko and Coinbase. It was down about 27% on Monday from its record price of around of 73 dollars a coin, then returning Launch of first lady Melania Trump her own “Melania” meme coin on Sunday, nearly halving the value of the Trump coin at one point.

Melania Memeswhich began trading on Sunday night, has reached a market capitalization of $1.3 billion and a 14% price increase since its launch. It has attracted $7.3 billion in trading volumes over the past day, compared to $31 billion for the Trump meme.

Although meme coins are considered the riskiest corner of the already risky cryptocurrency market, the Trumps’ coin flips over the weekend gave traders greater conviction that the incoming administration will be positive for the industry.

“The move underscores President Trump’s embrace of cryptocurrencies and belief that Americans should have the freedom to trade in the emerging asset class,” said Joel Kruger, market strategist at LMAX.

“There is a logic here that would suggest that putting a seal of approval on what could be perceived as the wildest of cryptoassets, meme coins, is the best way to send a message of how supportive the market should expect the administration to be. when it comes to embracing cryptocurrencies and making the United States a major player in this space.”

Noelle Acheson, an economist and author of the newsletter “Crypto is Macro Now,” echoed that sentiment, calling the meme’s declines clearly positive and “a sign that it is very much in favor of new ideas (and) new markets.”

On Monday, investors will be obsessed with Trump’s inaugurationseeking executive orders related to cryptocurrencies.

Bitcoin’s new record opens the door for a possible upside extension to $130,000, LMAX’s Kruger added.