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.

Despite being critical of cryptocurrency in his first term, President Trump and his family have come full circle. He is now a champion of the decentralised currency, with crypto-enthusiasts betting he will help the industry once he is in power.