Bitcoin at $109,241, hits all-time high after launch of $Trump and Melania meme coins

The world’s biggest cryptocurrency Bitcoin reached an all-time high of $109,241 on January 20 as United States president-elect Donald Trump prepares to officially take over the White House.

Ahead of crypto-friendly President Donald Trump‘s inauguration and amid the launch of his and wife Melania Trump’s meme coins — $TRUMP and $MELANIA, Bitcoin surged as much 5.5 per cent to set a fresh record, as per a Bloomberg report.

According to data on Coinmarketcap, Trump’s meme coin has hit a market capitalisation of $11 billion, down from high of $15 billion; while Melania’s token is fast gaining, with a market cap of nearly $2 billion hours after release early today.

Those memecoins briefly rattled the digital-asset market, sapping flows from Bitcoin and smaller tokens while drawing criticism from industry executives.

Bitcoin, second-ranked token Ether and XRP all rose rapidly on Monday morning in London, with traders counting down the hours until Trump once again assumes control of the White House. Bloomberg News previously reported that he’s considering an executive order designating the asset class a “national priority.”

The memecoins launched by Trump and his team have further accelerated Bitcoin’s momentum as retail traders look for the Republican to “prioritize and reaffirm his commitment to the crypto industry,” said Ben El-Baz, managing director of HashKey Global.

(With inputs from Bloomberg)