The top is not in for bitcoin (BTC) after all.
Following a record-setting rally after pro-crypto candidate Donald Trump swept aside Democrat opponent Kamala Harris in the presidential elections, the BTC/USD pair showed signs of cooling down on Tuesday and earlier today.
Yet the world’s largest cryptocurrency resumed its bull run when the US markets sprang to life this Wednesday.
In the space of a couple of hours, bitcoin has soared from below $88,000 to smash the $90,000 barrier for the first time in history.
At the time of writing, one bitcoin is worth $91,826, with attention now turning towards the $100,000 mark.
Spot-bitcoin exchange-traded funds are raking in hundreds of millions (sometimes more than a billion) of dollars on a daily basis, signalling large-scale institutional demand for the cryptocurrency.
Much of bitcoin’s record price is thanks to Trump’s hands-off approach to crypto regulation following years of animosity from the US Securities and Exchange Commission.
Whether or not Trump will live up to his pro-crypto promises will be determined when he takes office in January.
For now, traders are clearly optimistic of bitcoin’s, and the wider crypto industry’s, prospects.