Bitcoin is up approximately 32% since the US election on Nov. 5, hitting a record high of $89,599 on Tuesday.
President Trump has promised more favorable regulations for cryptocurrencies, and with his Republican Party gaining more control in Congress, his chances of successfully implementing his agenda have increased.
Trump has also promised to create a Bitcoin reserve and promote domestic mining of the token to make the US the leading country in the world of cryptocurrencies.
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This is a significant shift from the SEC's tougher approach to the controversial industry under President Joe Biden.
This change in tone has led to increased speculation in cryptocurrencies large and small, raising the global value of digital assets to approximately $3.1 trillion.