Bitcoin Hits Record High of $109,241 as Trump Prepares for Inauguration

The cryptocurrency has set a new record, rising by as much as 5.5%. The token's growth came after Trump and his wife Melania unveiled memecoins over the weekend

As the United States prepares for the inauguration of President-elect Donald Trump, bitcoin has risen to a historic high of $109,241, Bloomberg reported, citing UNN.

The cryptocurrency rose by as much as 5.5%, setting a new record. The token's growth follows Trump and his wife Melania unveiling memecoins over the weekend, with Trumpcoin quickly reaching a market capitalization of over $15 billion before plummeting.

The memecoins briefly roiled the digital asset market, pulling flows away from bitcoin and smaller tokens and drawing criticism from industry leaders.

Bitcoin, the second-ranked ether token and XRP rose sharply on Monday morning as traders count down the hours until Trump once again becomes president.

Previously, Trump has discussed prioritizing cryptocurrencies at the national level.

The memecoins launched by Trump and his team have further spurred bitcoin's gains as retail traders anticipate the Republican will “prioritize and reaffirm his commitment to the crypto industry,” HashKey Global Managing Director Ben El-Baz said.

Recall

The “official” $TRUMP memecoin linked to Donald Trump appeared on his X and Truth Social accounts. The token reached a market capitalization of $2 billion and attracted $3 billion in trading volume in a few hours.

Future first lady of the United States Melania Trump then announced her own cryptocurrency, $MELANIA. The project reached a capitalization of $4 billion in the first half hour after the launch, as Trump's memecoin dropped by 36%.