Bitcoin approached $90,000 on Tuesday, fueled by a post-election surge following Donald Trump’s recent victory. The cryptocurrency has rallied by 18% over the past five days, reflecting high investor enthusiasm for Trump’s second term and raising expectations that Bitcoin could surpass $100,000 by year-end.
This market rally pushed the entire cryptocurrency market’s valuation to a record $3 trillion, with significant gains for altcoins, including meme tokens like Dogecoin. Trump has gained a reputation as a “crypto president” due to his vocal support for digital assets. His administration’s stance on favorable regulations and the proposal of a national Bitcoin reserve have driven optimism among crypto traders.
Earlier in the year, Trump addressed the 2024 Bitcoin Conference, where he introduced plans for a national Bitcoin stockpile and launched a stablecoin through his crypto company, World Liberty Financial. Betting markets, such as those on the Deribit exchange, show an increasing number of wagers on Bitcoin breaking six figures. Major financial institutions, like Standard Chartered, predict Bitcoin could climb as high as $125,000 by the end of the year.
Overall, the post-election Bitcoin rally continues to boost the market, with both investors and analysts closely monitoring potential regulatory shifts and upcoming policies under Trump’s presidency.
