Bitcoin, the largest cryptocurrency by market capitalisation, surged past $90,000 on Wednesday, continuing a bullish trend that began last week.
The digital asset’s price started climbing after Donald Trump, the Republican Party candidate, won the U.S. presidential election on November 6. On election day, Bitcoin’s value reached $75,000.
Four days later, Bitcoin crossed the $80,000 mark, hitting $89,000 by November 11.
On Wednesday, it saw a 5.7% increase in its value.
At 6 pm Nigerian time, Bitcoin reached a record high of $92,573, according to CoinMarketCap, a crypto price-tracking website.
Bitcoin’s market capitalization rose by 3.5% to $3.18 trillion, with a 24-hour trading volume of $371.5 billion.
The rise in Bitcoin’s price coincides with ongoing debates among political analysts and market watchers on how a Trump presidency might affect the global economy.
Donald Trump clinched the U.S. presidency after surpassing the threshold of 270 electoral college votes.
Earlier in May 2024, the Trump campaign announced that supporters could donate in various cryptocurrencies, including Bitcoin, Ether, and Dogecoin—making crypto a notable feature in the campaign.
In October, Trump began promoting World Liberty Financial, a cryptocurrency venture launched by his business partners. World Liberty started offering its token to qualified investors, aiming to raise $300 million, according to the Financial Times.
