As the cryptocurrency market continues to surge, Bitcoin has hit a new all-time high, surpassing $109,900 (€106,485) on Monday. The record-breaking rise in Bitcoin prices coincides with the inauguration of incoming US President Donald Trump, who has made a bold move into the digital currency space by launching his own meme coin.

Bitcoin Soars as Trump Embraces Cryptocurrency

Bitcoin has been on a steady upward trajectory ever since Trump’s election, rising from around $70,000 (€67,825) in November to over $100,000 (€96,893) in just two months. On Monday morning, the total capitalization of the cryptocurrency market reached a record high of $3.72 trillion (€3.63 trillion), driven in part by the market’s optimism regarding Trump’s potential crypto-friendly policies.

Alex Kuptsikevich, Chief Market Analyst at FxPro, noted the surge in market volatility, with significant gains expected as crypto assets continue to draw attention. The market’s enthusiasm has intensified as investors anticipate a supportive regulatory environment under Trump’s presidency, who has expressed a desire to make the U.S. the “crypto capital” of the world.

Trump Family’s Meme Coin Yields Billions

As part of his newfound embrace of cryptocurrency, Trump launched his own meme coin, dubbed $Trump, just days before his inauguration. Initially priced at $6 (€5.81), the token saw its value soar to $75.35 (€73.01), with the Trump family’s CIC Digital LLC holding 80% of the coins. The token’s market cap reached $14 billion (€13.6 billion) over the weekend before it dropped to $10 billion (€9.7 billion) by Monday morning.

Trump’s family involvement in cryptocurrency has attracted significant attention, with some critics accusing him of exploiting his political position for financial gain. Alongside $Trump, his wife, Melania Trump, also launched a meme coin, $MELANIA, which saw its value double, reaching a market capitalization of over $2 billion (€1.9 billion).

As Trump moves forward with his crypto vision, he has promised to create a Strategic Bitcoin Reserve and implement industry-friendly regulations. His picks for key cabinet and regulatory positions reflect his pro-crypto stance, with appointments to the Treasury, Commerce, and Securities and Exchange Commission expected to support the burgeoning cryptocurrency sector.

The crypto world celebrated Trump’s inauguration with a “Crypto Ball” on Friday evening, an exclusive event attended by industry elites. The event sold out quickly, with tickets priced in the thousands, further underscoring the growing influence of cryptocurrency in mainstream political and economic circles.