Bitcoin experienced a significant surge during the Asian trading hours, climbing above $109,000 in anticipation of former President Donald Trump’s inauguration. The cryptocurrency peaked at $109,333 on Binance.

Trump highlighted Bitcoin’s performance during a speech on Sunday, noting:

“Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another.”

Earlier in the day, Bitcoin had pulled back towards $100,000 before resuming its upward trajectory, driven by increased interest from retail investors. The first lady, Melania Trump, had recently launched a memecoin, impacting liquidity in major assets.

Trump has consistently shown support for cryptocurrencies, promoting initiatives like establishing the U.S. as the “crypto capital of the planet” and proposing a strategic national bitcoin reserve.

Investor excitement is high ahead of the inauguration, with analysts projecting Bitcoin to continue rising throughout the week:

“Bitcoin reached $108K while other cryptocurrencies have rapidly pumped on the eve of the US presidential inauguration, with hopes that new policies and regulators will send the price of BTC much further this year as the US economy continues to show strength in the long term,” said Ben El-Baz.

Furthermore, Bitcoin is witnessing an increase in dominance, nearing 60%, with the market cap difference between Bitcoin and Ethereum reaching an unprecedented $1.75 trillion.