Bitcoin tops $89,000 as crypto euphoria over Trump win shows no sign of waning

Bitcoin

 hit another high Monday, as the rally in cryptocurrencies continued following Donald Trump’s election win.

The price of the flagship cryptocurrency was last higher by more than 12% at $89,174, according to Coin Metrics. Recently, it hit a fresh high of $89,623. Ether

 was up more than 7% to $3,371.79 after a 30% gain in the past week that pushed it back over the $3,000 mark over the weekend.

Bitcoin surged towards $90,000 on Tuesday, driven by optimism around Donald Trump's presidency and anticipated cryptocurrency-friendly policies. The largest and most popular cryptocurrency has seen a massive rally during election week as results favoured Republicans, more than doubling from the year's low of $38,505.

The decentralized finance token tied to Cardano

 ticked 4.7% higher. Dogecoin

 continued to rise, up almost 24%. In the regular trading session on Monday, Coinbase

 closed up 19.8%, while MicroStrategy

 advanced more than 25.7%. Both stocks were higher in extended trading as well.

Susannah Streeter, head of money and markets at investment platform Hargreaves Lansdown, noted that crypto’s march higher comes amid “euphoria” in the market unleashed by Trump’s presidential win last week.

“His pledge to go all in on crypto has sent Bitcoin to fresh heady heights,” she said in a research note Monday.

“He’s made an about turn on supporting the industry and is now vowing to turn the U.S. into the crypto capital of the world. Bitcoin speculators are betting on a more clement regulatory environment, and have expectations that the authorities may build up a reserve crypto fund, helping lift ongoing demand.”

On the campaign trail, Trump made a slew of promises to the crypto industry, including making the U.S. the “crypto capital of the planet” and insisting that all bitcoin should be mined in the country.

He also pledged to unseat U.S. Securities and Exchange Commission Chairman Gary Gensler — who has taken an aggressive approach to crypto — despite the fact that the president does not have the power to do so.

Susannah Streeter, head of money and markets at investment platform Hargreaves Lansdown, noted that crypto’s march higher comes amid “euphoria” in the market unleashed by Trump’s presidential win last week.

“His pledge to go all in on crypto has sent Bitcoin to fresh heady heights,” she said in a research note Monday.

“He’s made an about turn on supporting the industry and is now vowing to turn the U.S. into the crypto capital of the world. Bitcoin speculators are betting on a more clement regulatory environment, and have expectations that the authorities may build up a reserve crypto fund, helping lift ongoing demand.”

On the campaign trail, Trump made a slew of promises to the crypto industry, including making the U.S. the “crypto capital of the planet” and insisting that all bitcoin should be mined in the country.

He also pledged to unseat U.S. Securities and Exchange Commission Chairman Gary Gensler — who has taken an aggressive approach to crypto — despite the fact that the president does not have the power to do so.