Bitcoin, the world’s leading cryptocurrency by market capitalization, surged past $90,000 on Wednesday, continuing its bullish momentum that started last week.
The digital currency’s ascent began following Donald Trump’s announcement as the winner of the U.S. presidential election on November 6, when it reached $75,000. Just four days later, the cryptocurrency crossed $80,000 and soared to $89,000 on November 11.
On Wednesday, Bitcoin gained over 5.7 percent in just 24 hours, reaching a record price of $92,573 by 6 PM Nigerian time, according to CoinMarketCap, a cryptocurrency price-tracking website.
The overall cryptocurrency market cap stood at $3.18 trillion, marking a 3.5 percent increase, with $371.5 billion traded in the past day.
This dramatic rise in Bitcoin’s price comes as political analysts and market observers debate the potential effects of a Trump presidency on the global economy. Trump secured the presidency by surpassing the crucial threshold of 270 electoral college votes.
In May 2024, the Trump campaign announced that supporters could make donations using cryptocurrencies like Bitcoin, Ether, and Dogecoin, integrating digital assets into the campaign discourse.
In October, the former president began endorsing World Liberty Financial, a cryptocurrency venture established by his longtime business associates, as reported by the Financial Times. World Liberty initiated the sale of its token to qualified investors, aiming to raise $300 million.
