Donald Trump's newly created cryptocurrency soared on Monday to nearly $11 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 climbed to a fresh record as the US prepares to inaugurate Donald Trump to his second presidential term, following a weekend during which his own newly-launched digital token rattled crypto markets.

The U.S. dollar dropped and bitcoin hit an all-time high on Monday before Donald Trump’s inauguration as U.S. president later in the session, with investors focusing on policy announcements that could immediately affect the greenback.

Ahead of President Donald Trump’s inauguration on Monday, the price of Bitcoin has crossed $108,000 mark. According to data by CoinMarketCap, a price-tracking website for crypto assets, the new all-time high price comes hours before the second coming of Trump.