$BTC Bitcoin soared to a record high on Monday, December 16. The cryptocurrency is worth more than $106,000 per coin after President-elect Donald Trump said he plans to create a strategic reserve of bitcoin in the United States.

Reuters reports that bitcoin, the world's largest and most well-known cryptocurrency, hit a high of $106,533 and was up 3.2% in recent trading at $104,462. The smaller cryptocurrency ether rose 1.5% to $3,965.

"The next level the market is going to go for is $110,000. The pullback that many were expecting just didn't happen because now we have this news," said Tony Sycamore, an analyst at IG.

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Bitcoin and cryptocurrencies have been in the spotlight as investors hope the Trump administration will create a more favorable regulatory environment, which will boost sentiment around the alternative currency. Bitcoin is up 192% this year.

"We're going to do something big with cryptocurrency because we don't want China or anyone else - not just China, but other countries - to own it, and we want to be the leader," Trump said.