The price of bitcoin surged to over $109,000 early Monday, just hours ahead of President-elect Donald Trump’s inauguration, as a pumped up cryptocurrency industry bets he'll take action son after returning to the White House.

Bitcoin raced to a new all-time high today as investors piled into cryptocurrencies ahead of the inauguration of Donald Trump in Washington DC. It follows the launch of the 47th President’s own crypto currency as well as a meme coin from his wife Melania which debuted over the weekend.

The crypto rally was bolstered by the unveiling of memecoins by Trump and his wife Melania over the weekend, which briefly disrupted the digital asset market.