The record-breaking surge of bitcoin has pushed the price of this digital asset above $0.089 million and has propelled the total market value of the crypto market to over $3 trillion, surpassing the peak during the pandemic, with traders betting that elected President Trump will support the prosperity of cryptocurrencies.

Since the US presidential election on November 5th, the price of bitcoin has risen by about 30%, reaching a historic high of $89,599 in early Asian trading on Tuesday.

Trump has promised to introduce more crypto-friendly regulations, with his Republican party strengthening control in Congress to push forward his agenda. Other commitments include establishing a US bitcoin global strategy reserve and promoting bitcoin mining.

His stance contrasts sharply with the crackdown by the US Securities and Exchange Commission (SEC) during the Biden administration on this contentious industry. Data from CoinGecko shows that this shift has sparked speculative purchases of tokens of various sizes, raising the total market value of digital assets to over $3 trillion.

Chris Weston, Research Director at Pepperstone Group, wrote in a report that bitcoin is in a 'wild mode,' raising the question for undecided traders whether there is still room to chase this hot trend or wait for a slight pullback to cool off the impulsive trend.

In the options market, according to data from the derivatives exchange Deribit, investors are placing bets that bitcoin will break $0.1 million by the end of this year. Meanwhile, software company MicroStrategy recently disclosed that it bought around 27,200 bitcoins for about $2 billion between October 31 and November 10. MicroStrategy is the publicly traded company that holds the most bitcoins, other than bitcoin exchange-traded funds (ETFs).

Traders are currently not so concerned about how quickly Trump will implement his agenda or whether the strategic reserves are a realistic step.

So far, Bitcoin has more than doubled in 2024, surpassing the returns of traditional investments such as stocks and gold.