Bitcoin Surpasses $90K in Post-Election Rally

Bitcoin has hit a major milestone, surpassing the $90,000 mark for the first time, fueled by a strong rally following the election of Donald Trump as the next U.S. president.

The cryptocurrency reached a peak of $90,000 on Coinbase at 12:56 PST on November 12, marking an 11% increase in just 24 hours, according to TradingView data. Bitcoin’s meteoric rise has brought it within striking distance of the $100,000 mark, now just over 11% away from that milestone.

This rally follows predictions from analysts who speculated that Bitcoin could surge past six figures if Trump were to win the presidency, especially given his pro-crypto stance during the campaign. Since Trump’s victory in the November 5 election, Bitcoin has gained roughly 30%, contributing to a broader upward movement across both crypto and traditional financial markets.

The crypto market has seen significant gains across the board, with shares of crypto exchange Coinbase jumping nearly 75% to reach a nearly three-year high since Election Day. On November 11, Coinbase's stock closed up nearly 20%, reaching $324.24, as per Google Finance.

U.S.-based cryptocurrency miners also benefitted from the rally, with Marathon Digital Holdings seeing a 30% surge on November 11. Other mining companies, such as CleanSpark and Hut 8, posted gains of more than 25% that day.

In traditional markets, the S&P 500 index, which tracks the largest 500 U.S. companies, has risen 4.25% since Election Day and hit a new high of $6,000 on November 11.

Meanwhile, altcoins are also benefiting from the bullish trend. Solana (SOL) has surged 35% since November 5, reaching $222 on November 11, its highest level since December 2021.

Bitcoin's ascent, alongside gains in other cryptocurrencies, underscores the market’s optimism following the U.S. election and the growing confidence in digital assets.