Bitcoin price hits all-time high at $89,000 as crypto market rallies

Bitcoin, the world’s largest cryptocurrency by market capitalisation, has surged to a fresh record high of $89,000.

The price of the cryptocurrency traded 9.6 percent higher on Tuesday morning, reaching $89,360, according to data obtained from coinmarketcap.com.

The digital currency has continued to rally since the conclusion of the United States presidential election.

Bitcoin started climbing on November 6, when Donald Trump, a Republican Party candidate, won the US presidential election. The digital asset reached $75,000 on that day.

On November 10, the cryptocurrency crossed $80,000.

Since the US elections, bitcoin has seen a bullish run, with the crypto market adding nearly $500 billion to its total value in less than a week.

The total cryptocurrency market capitalisation currently stands at $3.16 trillion, according to coinmarketcap.com.

Ethereum, the second-largest cryptocurrency by market capitalisation, also surged to $3,392 on Wednesday — up from the $3,220 traded on Sunday.

In May 2024, the Trump campaign announced that supporters could make donations in crypto, including bitcoin, ether, and dogecoin. The statement had signalled his support for digital currencies.

In October, the former US president began promoting World Liberty Financial, a crypto venture set up by his longtime business partners and others, according to the Financial Times.

World Liberty began selling its token to qualified investors to raise $300 million.