Trump's Reelection Ignites Historic Bitcoin Rally, Sending BTC to $89K

The cryptocurrency market witnessed a surge in the aftermath of Donald Trump’s victory in the U.S. presidential election, with Bitcoin (BTC) leading a historic rally that reached an all-time high of $89,604.50, according to CoinMarketCap data.

The largest cryptocurrency surged past 1.74 trillion in market cap, gaining almost 30% in the past week and surpassing the market cap of silver. The staggering rally came after Bitcoin crossed the previous all-time high of $73,000 earlier this year.

BTC’s rally is trickling into areas where big players in the industry have benefited from it. Software company MicroStrategy, which has the largest corporate holding of Bitcoin, saw its stock price rise to a 24-year high of $351.73. U.S.-based crypto exchange Coinbase’s COIN shares surged to $334.86, a high price that hadn't been seen since late 2021.

Technical indicators suggest that this upward trajectory may continue. Parabolic SAR shows strong bullish momentum, while the Relative Strength Index (RSI) shows high enthusiasm from buyers in overbought territory. Market observers are also wondering if Bitcoin could breach the symbolic $100,000 mark sooner than many think.