Business Desk 
Nov 12, 2024
Cryptocurrency markets celebrated a significant milestone as Bitcoin rose above a new all-time high of $90,000 on Tuesday.
The surge was fueled by optimism regarding US President Donald Trump's crypto-friendly presidential administration.
According to Reuters, the cryptocurrency gained over 30% since November 5, reaching $89,637 in Asia.
ATFX Global’s chief market analyst Nick Twidale attributed the surge to Trump's crypto-friendly stance, stating: “Obviously it’s a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves."
Read more: Bitcoin hits record $80,000 amid Trump’s pro-crypto surge
"The fact that bitcoin was trading near all-time highs when the election result came through meant that it had a clean sky above," Twidale remarked.
Tesla, Elon Musk's automaker, also surged nearly 40% following Trump's election victory, as investors anticipated favourable outcomes for Trump's allies and interests.
Notably, during his first term as president, Trump called Bitcoin a “scam.” However, he changed course during his re-election campaign and pledged to transform the United States into a "crypto capital of the planet."
Several other cryptocurrencies also registered noteworthy gains, with Riot Platforms jumping 17% and MARA Holdings and CleanSpark rising 30%.
MicroStrategy invested $2 billion in bitcoin between October 31 and November 10, 2024, sparking a 26% share surge. However, smaller tokens like Ether and Dogecoin also gained.
