Bitcoin soared to a new all-time high of nearly $104,000 late Wednesday night, crossing the $100,000 mark for the first time in 16 years.
The market has continued a post-election bull run and is gaining more momentum ahead of Mr Trump’s inauguration scheduled for January 2025.
On Wednesday, Bitcoin made a whooping 7.62 per cent increase in just 24 hours, hitting $103,900 before settling slightly lower, just over $103,100.
This surge comes as the market reacts to renewed optimism following Mr Trump’s electoral victory on November 5 and his much-anticipated return to the White House.
During his campaign, Mr Trump promised to create a strategic reserve and make the U.S. the “crypto capital of the planet.”
Since Mr Trump’s emergence as president-elect, Bitcoin has seen a 36 per cent increase in value, valued at approximately $75,600.
Experts have linked the prevailing bullish crypto market atmosphere to Mr Trump’s victory and his friendly campaign about the currency.
Under his forthcoming administration, cryptocurrency supporters eagerly anticipate a more favourable regulatory environment, which they believe could further fuel Bitcoin’s rise.
