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 surged to over $100,000 early Monday on the bet that Trump will take cryptocurrency industry-friendly action soon after returning to the White House.

"God candle," Samson Mow, a bitcoin developer who leads the Jan3 bitcoin wallet company, posted to X as the bitcoin price suddenly soared, hitting $109,400 on the Coinbase bitcoin and crypto exchange.