Bitcoin After the first couple of upcoming meme coins hit new all-time highs overnight, traders are waiting Inauguration of incoming President Donald Trump.

The flagship cryptocurrency was last up nearly 1% on Monday at $106,622.54, according to Coin Metrics. Earlier, the price rose to $109,350.72 after briefly falling below the $100,000 mark on Sunday.

weekend, Trump launches this”Trump OfficialThe meme coin’s market capitalization has risen to $10.6 billion, surging more than 659% since Friday night, according to data from CoinGecko and Coinbase. On Monday, the coin was down about 27% from its all-time record price of around $73 per coin. return First lady Melania Trump launches On Sunday, the value of her own “Melania” meme coin, the Trump Coin, nearly halved at one point.

melania memeThe company, which began trading on Sunday night, has reached a market capitalization of $1.3 billion since its launch, with prices up 14%. It attracted $7.3 billion in trading volume over the past day, compared with $31 billion for the Trump meme.

While meme coins are considered the riskiest segment of an already fraught cryptocurrency market, the Trump family’s token launch over the weekend has given traders further confidence that the incoming administration will have a positive impact on the industry as a whole.

“The move underscores President Trump’s embrace of cryptocurrencies and his belief that Americans should have the freedom to operate in the emerging asset class,” said LMAX market strategist Joel Kruger.

“There’s logic here that putting a stamp of approval on what might be considered the wildest crypto asset, memecoins, is the best way to send a message about how much support the market should expect from governments. When it comes to embracing cryptocurrencies and making them When the United States became a major player in this field.”

Economist and author of the Cryptocurrency Is Macro Now newsletter, Noelle Acheson, echoed the sentiment, calling the meme’s decline a positive and “shows that he’s very Support new ideas (and) new markets.”

Bitcoin began to gain momentum last week as speculation began to heat up that Trump could announce an executive order on cryptocurrencies early in his term. Gracy Chen, CEO of cryptocurrency exchange Bitget, said optimism has had a greater impact on its price.

“Rumors that the U.S. may declare cryptocurrencies in the national interest during the inauguration are having a positive impact on the price of Bitcoin,” she told CNBC. “I don’t think the increase in the price of Bitcoin is due to the launch of new meme coins. “On the contrary… without the issuance of Trump family tokens, the price of Bitcoin would rise even more, and instead capital would shift to new tokens, limiting overall growth.”

LMAX’s Kruger added that Bitcoin’s new record opens the door to a possible rise to $130,000.