Bitcoin Reaches New All-Time High

Bitcoin surged beyond the $90,000 level Tuesday afternoon, marking a new all-time high amid a rally following the election of U.S. President-elect Donald Trump.

The world’s largest cryptocurrency rose another 1.8% over the past 24 hours, trading at $90,000 according to The Block’s price page. It has increased over 30% in the last week.

Even before Trump’s election, Bitcoin began breaking all-time highs as anticipation grew for a pro-crypto candidate. Alex Thorn, head of research at Galaxy Digital, noted on X that Monday saw the largest daily gain in Bitcoin history, with an increase of $8,343 in a single day.

A similar enthusiasm is evident among U.S. spot Bitcoin exchange-traded funds (ETFs), which recorded record inflows last week. On Monday, BlackRock's spot Bitcoin ETF generated $4.5 billion in daily trading volume, its highest since debuting according to Bloomberg Senior ETF Analyst Eric Balchunas.

Peter Chung, head of research at Presto Research, stated, “Any fund managers not spending time analyzing the Bitcoin opportunity now risk failing to fulfill their fiduciary duty to clients.” He emphasized that anyone knowledgeable in modern portfolio theory understands the value of a small Bitcoin allocation. With strong regulatory momentum and the introduction of spot ETFs, there are few excuses not to invest.

Justin d'Anethan, head of APAC business development of crypto market maker Keyrock, highlighted that the new price milestone signals that the market views Bitcoin as a more stable and politically favorable asset.

“Supportive regulation is crucial here,” d'Anethan noted, adding that the market's excitement originates from the prospect of lower taxes, reduced government overreach, and dovish central bank policies, allowing Bitcoin and its operators more freedom.

The GMCI 30, which represents the top 30 cryptocurrencies by market cap, is up 1.1% to 161.54. Many industry experts predict Bitcoin will reach $100,000 within the next 1-3 months.