Bitcoin approached the $90,000 mark on Tuesday, continuing a post-election rally spurred by Donald Trump’s recent win. This surge saw the cryptocurrency increase by 18% over five days, reflecting growing optimism around Trump’s influence on the digital asset market. Investors are increasingly betting that bitcoin could surpass $100,000 by year’s end, with Standard Chartered projecting a potential high of $125,000.
Since the election, the overall crypto market has reached a $3 trillion valuation, pushing up not only bitcoin but also altcoins like dogecoin. Trump’s pro-crypto stance, which included a speech at the 2024 Bitcoin Conference where he proposed creating a “national bitcoin stockpile,” has fueled these gains. He also launched a stablecoin through his company, World Liberty Financial, bolstering his image as a “crypto president.”
Market participants are hopeful for regulatory changes that could support cryptocurrencies more favorably during Trump’s term. Data from Deribit and other exchanges show a rise in bets on bitcoin reaching six figures. As the year draws to a close, crypto investors are eagerly watching to see if this momentum will indeed push bitcoin to new highs.