Bitcoin surged closer to $90,000 on Tuesday, driven by market enthusiasm following former President Donald Trump’s recent election win. The cryptocurrency’s value rose 1% to reach approximately $89,313 in the afternoon, marking an 18% gain over five days. This ongoing rally has significantly boosted the overall crypto market, pushing its total value to a record $3 trillion and lifting even meme-based tokens like dogecoin.

Traders view Trump, dubbed the “crypto president” by some, as a positive force for digital assets, especially after he expressed support for the industry during his campaign. Trump’s agenda reportedly includes a push for more favorable cryptocurrency regulations and, notably, a “bitcoin national stockpile,” a plan he introduced at the 2024 Bitcoin Conference. Recently, Trump also launched a stablecoin through his company, World Liberty Financial.

Market analysts and investors are now speculating on bitcoin’s trajectory, with many betting it could reach six figures by the end of the year. Data from the Deribit exchange shows increased bets on a $100,000 bitcoin price, and financial firms like Standard Chartered have even forecasted a potential high of $125,000 by year-end.

With Trump’s influence and the crypto market’s momentum, bitcoin’s ascent appears to be sustaining, as traders look forward to potential policy shifts that could further solidify cryptocurrency’s role in the financial landscape.