Bitcoin soared to a new record high on Monday, reaching $109,350.72, according to Coin Metrics. The surge coincides with the anticipation of Donald Trump’s inauguration and the recent launch of meme coins by the Trump family. Over the weekend, Bitcoin briefly dipped below $100,000 before rebounding strongly.

The cryptocurrency market has been abuzz since Trump and Melania Trump released their respective meme tokens, “Official Trump” and “Melania Meme.” Data from CoinGecko shows that the Trump coin achieved a market cap of $10.6 billion, growing over 659% since its debut on Friday. However, it later faced a 27% decline, impacted by the launch of Melania Meme on Sunday.

Melania Meme, with a $1.3 billion market cap, recorded a 14% price increase and generated $7.3 billion in trading volume within 24 hours. By comparison, the Trump coin’s trading volume stood at $31 billion, reflecting its dominance.

While meme coins represent one of the riskiest segments in cryptocurrency, their release has reinforced optimism about the incoming administration’s support for digital assets. Joel Kruger, a market strategist at LMAX, commented to CNBC, “This highlights President Trump’s commitment to crypto and signals that the administration may favor embracing new markets.”

Economist Noelle Acheson shared a similar perspective, describing the coin launches as “a sign of openness to innovation and new ideas.” Such sentiment aligns with speculation that Trump may issue executive orders advancing cryptocurrency’s national significance.

Gracy Chen, CEO of Bitget, also provided insights to CNBC, explaining, “Rumors of crypto being declared a national interest are fueling optimism. However, the launch of meme coins diverted capital, potentially limiting Bitcoin’s upward momentum.”

Despite Bitcoin’s rally, the broader cryptocurrency market remained relatively stable. The CoinDesk 20 index dipped 1% on Monday, while Ethereum and Solana tokens faced mixed performance. Solana, a prominent Ethereum alternative, saw a 15% gain since Saturday, partly due to the Trump meme coins being launched on its blockchain.

Bitcoin’s latest high raises questions about its next milestone, with analysts like Kruger predicting potential gains up to $130,000. As the market continues to adjust to these developments, all eyes remain on the policies and innovations that could shape the cryptocurrency landscape during Trump’s presidency.

PHOTO: BITPERFECT