Bitcoin $100,000: Bitcoin pushes toward $100,000 as investors ride the crypto rally sparked by Trump’s victory

The momentum in Bitcoin’s price that kicked off with Donald Trump’s election victory shows no sign of cooling. Yesterday, Bitcoin surged to a fresh high near $85,000 as investors celebrated the arrival of what many are calling the ‘crypto president.’ But the momentum didn’t stop there—Trump’s win has propelled Bitcoin close to the $100,000 mark, creating a wave of excitement across the crypto landscape.

By Tuesday morning, Bitcoin had pushed to nearly $90,000, riding a tide of enthusiasm fueled by hopes that Trump’s administration will champion digital assets. The all-time high underscores a growing optimism among crypto investors who believe Trump’s presidency could boost the sector. This optimism has fueled a surge of over 10% for Bitcoin since Election Day, putting the token up 95% year-to-date.

Bitcoin, the top performer among assets this past week, briefly touched $89,982, marking an impressive 30% gain since November 5. A few hours later, Bitcoin lost some of its earlier gains, settling at $86,102 at the time of writing.

Commenting on the rally, Matt Mena, a crypto strategist at 21Shares, told Business Insider: “Crypto is now essentially legal in the U.S., marking a major turning point for the industry.”

Bitcoin’s rally hasn’t been isolated. Altcoins like Dogecoin and Cardano have more than doubled in value since Trump’s win, while Tesla’s stock has also surged nearly 40% since the election results, reflecting investor sentiment that Trump’s allies and interests could thrive under his administration.

“The crypto enthusiasts think they have a like-minded incoming president,” noted Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

“The thing about bitcoin at the end of the day is that there is no valuation anchor to it, it’s hard to get a grip on fair value. So when sentiment is very positive, it does get carried away a lot more than other asset classes.”

Trump, who promoted digital assets during his campaign, vowed to establish the U.S. as the “crypto capital of the planet” and hinted at creating a national Bitcoin reserve.

The timeline for this vision remains unclear, but speculation over these promises has driven a surge in crypto mining and trading stocks.

Bitcoin hit a new high above $89,000 following Trump’s victory.

“I think it increases the chances that other nation states buy bitcoin in a bid to front run the U.S.,” said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital. “Additionally I think it would be a crazy catalyst for the U.S. listed bitcoin miners … given possibilities of such entities getting nationalized.”

Crypto miner Riot Platforms saw a 17% jump on Wall Street Monday, while peers MARA Holdings and CleanSpark rallied nearly 30%.

Meanwhile, software company and Bitcoin investor MicroStrategy disclosed a $2 billion Bitcoin purchase between Oct. 31 and Nov. 10, boosting its stock by 26% on Monday.

“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,” Nick Twidale, chief market analyst at ATFX Global in Sydney, said of the bitcoin rally. He added, “The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above.”

Crypto investors anticipate a reduction in scrutiny from the U.S. Securities and Exchange Commission, as Trump has pledged to replace current Chair Gary Gensler. In September, Trump also launched a crypto venture, World Liberty Financial.

Commenting on the ongoing crypto momentum, Justin D’Anethan, head of Asia-Pacific business development at Keyrock, told Reuters: “What we’re seeing isn’t just a price milestone; it’s a signal that the market is warming to the idea of bitcoin as a more stable, even politically favored, asset.”

Looking ahead, several analysts predict that crypto may keep climbing, with some forecasting that Bitcoin is on track to reach the $100,000 milestone by year-end.