Bitcoin Hits Record High, Eyes $100,000 as Trump's Election Spurs Surge Cryptocurrency Surges 45% Since Trump's Victory, Poised for Further Gains

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After briefly touching a new record high above $99,000, Bitcoin slightly retreated, trading up 0.5% on the day, around $98,500. Despite the pullback, the momentum for further gains remains strong, with Bitcoin poised to mark its third consecutive week of double-digit percentage growth. It is also on track for its best monthly performance since February.

Bitcoin’s recent surge has made it one of the top beneficiaries of the so-called "Trump trades," where assets are seen as benefiting or losing based on Trump’s policies. This rally is helping Bitcoin inch closer to mainstream acceptance, a notable shift for the cryptocurrency that was created 16 years ago.

Shane Oliver, Chief Economist and Head of Investment Strategy at AMP Sydney, noted that Bitcoin’s longevity has made it more widely recognized and taken seriously. While difficult to value, he acknowledged its momentum, which is currently on an upward trajectory.

With a 130% increase this year, Bitcoin has gained considerable attention. Trump's campaign embraced digital assets, promising to turn the United States into the "crypto capital of the planet" and even suggested accumulating a national stockpile of Bitcoin. Additionally, since Trump’s election, more than $4 billion has flowed into US-listed Bitcoin exchange-traded funds, signaling growing investor confidence in the cryptocurrency.

Bitcoin’s rapid rise highlights its growing role in the financial landscape, with many now closely watching as it pushes toward the $100,000 milestone.