Bitcoin edged closer to the $90,000 mark on Tuesday, reaching a new high of $89,640 during early-morning trading. This surge comes as investors continue to place significant bets on Donald Trump’s return to the Oval Office after his decisive victory in the US elections last week.

The cryptocurrency market has gained approximately $8,600, or 11 percent, in the past 24 hours. Investors remain optimistic that Bitcoin will soon reach the coveted $100,000 level. As of 9:30 AM today, Bitcoin was trading around $88,200, up 8 percent.

The flagship cryptocurrency began a new price discovery journey last week, and current positive sentiments are expected to continue throughout the rest of the year.

In the broader cryptocurrency market, Ethereum saw a 4.8 percent increase, trading at $3,337. Solana rose by nearly 5.56 percent, while the token associated with the decentralized finance project Polygon gained around 3 percent. Dogecoin experienced a significant jump, rising 25 percent.