Bitcoin Rose to Over $109,000 Early Monday - a New All-Time High in Early European Trading

The crypto market overall was up by more than half a trillion dollars over the last week, reaching a new record high of $3.74 trillion on Monday.

Bitcoin price soared past $109,000 early Monday - marking a new all-time high in early European trading, hours before self-proclaimed 'crypto President' Donald Trump was set to take office for a second term.

Bitcoin has surged in price since Trump's victory, topping $100,000 for the first time last month before briefly sliding down to about $90,000.

On Friday, it rose about 5 per cent, before jumping more than $9,000 early Monday, according to CoinDesk. Two years ago, bitcoin was trading at about $20,000.

The crypto market overall was up by more than half a trillion dollars over the last week, reaching a new record high of $3.74 trillion on Monday.

The incoming President and his wife Melania have both launched their own cryptocurrencies amid the market-wide surge.

Trump announced his currency on Friday while his wife shared news of hers last night. 'The Official Melania Meme is live! You can buy $MELANIA now,' the incoming First Lady posted to X as the website for her crypto asset opened.

Both coins have seen dramatic rises but also a volatile trade. $MELANIA was trading at around $12.03, with a market cap of $1.9 billion, at 08.20 GMT on Monday, according to CoinMarketCap.

Meanwhile Trump's meme coin surged to $58.56, giving it a market capitalisaton of about $11.7 billion, according to the website. This saw it ranked as the 18th biggest cryptocurrency, and its 24-hour trading volume reached $52.5 billion.

The price of Bitcoin rose to over $109,000 early Monday - a new all-time high in early European trading (seen later in the morning)

The Trump coin image shows the incoming President with his fist raised and the slogan 'FIGHT FIGHT FIGHT' - invoking his famous reaction when an assassination attempt was made on him back in July.

The picture attached to Melania's currency shows the incoming First Lady beaming with her hands together in front of her face in a black and white portrait.

Previously a skeptic who said a few years ago that bitcoin 'seems like a scam,' Trump has since embraced digital currencies and promised to be a 'crypto president' when he enters the White House.

He vowed on the campaign trail to take steps early in his presidency to make the US into the 'crypto capital' of the world.

His promises include creating a US crypto stockpile, enacting industry-friendly regulation and appointing a crypto 'czar' for his administration, with a series of executive orders expected to be issued to reduce regulatory roadblocks.

'You're going to be very happy with me,' Trump told crypto-enthusiasts at a bitcoin conference last summer.

Bitcoin is the world's most popular cryptocurrency and was created in 2009 as a kind of electronic cash uncontrolled by banks or governments.

It and newer forms of cryptocurrencies have moved from the financial fringes to the mainstream in wild fits and starts.

Dogecoin, which has been promoted by Trump ally Elon Musk as he is set to take on a presidential advisory role in the so-called Department of Government Efficiency (DOGE), is among a number of currencies which have risen sharply this year.

Trump speaks at the Bitcoin 2024 Conference in Nashville during his presidential campaign back in July

The highly volatile nature of cryptocurrencies as well as their use by criminals, scammers and rogue nations, has attracted plenty of critics, who say the digital currencies have limited utility and often are just Ponzi schemes.

But crypto has so far defied naysayers and survived multiple prolonged price drops in its short lifespan.

Wealthy players in the crypto industry, which felt unfairly targeted by the Biden administration, spent heavily to help Trump win last November's election.

Trump's picks for key cabinet and regulatory positions are stocked with crypto supporters, including his choice to lead the Treasury and Commerce departments and the head of the Securities and Exchange Commission.

Key industry players held a first ever 'Crypto Ball' on Friday to celebrate the first 'crypto president.' The event was sold out, with tickets costing several thousand dollars.

Trump's expanding his cryptocurrency interests that already include World Liberty Financial.

Dogecoin, which has been promoted by Trump ally Elon Musk, is among a number of currencies which have risen sharply this year

Of the total number of $TRUMP tokens, 80 per cent are owned by CIC Digital LLC, which is an affiliate of Trump's business The Trump Organization, and another business called Fight Fight Fight LLC, the website says.

Disclaimers on the websites for Donald and Melania Trumps' coins say they are “not intended to be, or the subject of” an investment