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

Bitcoin, the world’s largest cryptocurrency by market capitalization, soared to a new record high of $89,360 on Tuesday, November 12, rising 9.6% in a single morning. The latest data from CoinMarketCap highlights Bitcoin’s continued rally following the U.S. presidential election.

Bitcoin’s sharp climb began on November 6, when Republican candidate Donald Trump won the election. On that day, Bitcoin reached $75,000 and continued its ascent, surpassing $80,000 on November 10. Since the election, Bitcoin’s bull run has added nearly $500 billion to the cryptocurrency market, which now boasts a total capitalization of $3.16 trillion.

Ethereum, the second-largest cryptocurrency, also experienced gains, trading at $3,392 on Wednesday, up from $3,220 just days prior.

Trump’s campaign has openly embraced cryptocurrency, allowing supporters to make donations in Bitcoin, Ether, and Dogecoin. This, along with Trump’s recent promotion of World Liberty Financial—a crypto venture launched by his business partners aiming to raise $300 million—has contributed to the positive market sentiment.

As crypto interest surges globally, industry watchers are keenly observing Bitcoin’s next moves amid a dynamic post-election market environment.