Bitcoin surged past $90,000 on Thursday driven by expectations that U.S. president-elect Donald Trump’s policies will support cryptocurrency. The world's largest digital asset hit a record high of $93,226 on Wednesday before stabilizing at around $90,630. Ethereum also rose 37% since Election Day, reaching $3,228 while Dogecoin saw a massive 150% gain.

Trump who promised during his campaign to make the U.S. the "crypto capital of the planet" is fueling optimism in the crypto market. Investors are hopeful that a pro-Bitcoin administration could pave the way for Bitcoin to become a strategic reserve asset for the U.S. Treasury and open up opportunities for banks and financial institutions to engage more with blockchain technology.

Analysts predict Bitcoin could hit six figures soon driven by both increasing institutional interest and growing investor confidence in a crypto-friendly regulatory environment. MicroStrategy, a major Bitcoin investor, recently announced plans to acquire $42 billion in Bitcoin over three years highlighting institutional appetite for digital assets. Additionally, Bitcoin ETFs saw over $5 billion in net inflows in October, further indicating strong market demand.

While some caution remains about Trump’s immediate focus on other priorities, his stance on crypto and his interest in launching a new crypto business have reinforced sentiments in the market.