Bitcoin (BTC) Reached a New All-Time High of $109,114 on Monday, Jan. 20, Before Retracing Slightly

This price surge pushed the total crypto market cap to $3.7 trillion. The jump comes as the crypto community buzzes with speculation that Donald Trump

Bitcoin price hit a new all-time high on Monday, with rumors swirling that President-elect Donald Trump could mention Bitcoin reserves in his inauguration speech.

What Happened: Bitcoin price surged to a new all-time high of $109,114 on Monday, Jan. 20, before retracing slightly.

The world’s largest cryptocurrency was trading at $106,940, showing an increase of about 2% over the past 24 hours, according to crypto.news’s Bitcoin price page.

This price surge also pushed the total crypto market cap to $3.7 trillion.

The price spike comes as the crypto community awaits whether Donald Trump will address Bitcoin’s strategic reserve during his inauguration speech, which is set to begin at noon Eastern Time on Monday, Jan. 20, inside the Capitol Rotunda.

Trump has not yet confirmed that he will speak about Bitcoin, though rumors continue to circulate that he will do so.

?RUMOR ALERT: LEAKED INAUGURATION SPEECH SCRIPT INCLUDES A BITCOIN STRATEGIC RESERVESEND IT ? pic.twitter.com/mgPkBM8XHt

Pro-crypto Senator Cynthia Lummis, a Republican from Wyoming, officially introduced the BITCOIN Act to the U.S. Senate on July 31. The bill is designed for the U.S. Treasury to acquire 1 million Bitcoin, which would be around 5% of the total supply.

To achieve this goal, Lummis proposes using existing U.S. Treasury funds to purchase Bitcoin in quantities that align with the Treasury’s current gold holdings.

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While Bitcoin price is up on Monday, it still lags behind some altcoins, which have seen large returns following Trump's meme coin launch on Solana.

Tokens such as MELANIA (MELANIA), Fartcoin (FARTCOIN), and Aave (AAVE) have seen gains of 68%, 35%, and 18%, respectively, in the last 24 hours.