(Reuters) -Bitcoin surged to a record high above $105,000 in early Asian trade on Monday, extending gains made since Republican Donald Trump, who has promised to champion cryptocurrencies, was elected U.S. president in November.

Bitcoin hit a high of $105,142 and last traded at $104,666.

The price rose on news reports over the weekend that Trump would go ahead with a bitcoin strategic reserve fund, according to Tony Sycamore, an analyst at IG.

"We're in blue sky territory here," Sycamore said. "The next figure the market will be looking for is $110,000."