Bitcoin briefly breaks above $90,000 amid rally led by Trump's victory

Bitcoin surged beyond the $90,000 level Tuesday afternoon, reaching a new all-time high amid an extended rally following the victory of U.S. President-elect Donald Trump.

The world’s largest cryptocurrency by market capitalization climbed another 1.8% over the past 24 hours to trade at $90,000 at the time of writing, according to The Block’s price page. It has risen over 30% over the past week.

Bitcoin began breaking all-time highs even before Trump's election, as anticipation grew for a pro-crypto candidate’s win. Alex Thorn, head of research at Galaxy Digital, wrote on X that Monday saw the largest daily gain in bitcoin history, with a single-day increase of $8,343.

A similar level of enthusiasm was spotted among U.S. spot bitcoin exchange-traded funds, which drew in record inflows last week. On Monday, BlackRock's spot bitcoin exchange-traded fund generated $4.5 billion in daily trading volume, its highest since its debut, according to Bloomberg Senior ETF Analyst Eric Balchunas.

“Any fund managers not spending time to analyze the [bitcoin] opportunity now are at the risk of not fulfilling their fiduciary duty to their clients,” Peter Chung, head of research at Presto Research, told The Block. “Anyone who knows anything about modern portfolio theory must understand the merits of small allocation to bitcoin. Given the positive regulatory momentum and the availability of spot ETFs, there is really no excuse.”

Justin d'Anethan, head of APAC business development of crypto market maker Keyrock, said that the price milestone is a “signal that the market is warming to the idea of bitcoin as a more stable, even politically favored, asset.”

“Supportive regulation is crucial here,” said d'Anethan. “The market's exuberance stems from the idea that lower taxes, reduced government overreach, and central bank policies with dovish undertones could let bitcoin and its operators breathe easier.”

The GMCI 30, which represents the top 30 cryptocurrencies by market cap, is up 1.1% to 161.54. Several industry experts have said bitcoin will hit $100,000 within the next 1-3 months.