Donald Trump's newly-created cryptocurrency soared on Monday to nearly $12 billion in market value, drawing in billions in trading volume, while bitcoin hit a record high just hours ahead of the U.S.

The price of bitcoin has surged to over $109,000 just hours ahead of President-elect Donald Trump's inauguration, as a pumped up cryptocurrency industry expects early action by him soon after he takes office.

Bitcoin briefly dipped below $100,000, leading a wider market rout that saw over $1 billion in crypto liquidations in the past day.