Bitcoin approaches $90,000 as post-election record streak rages on

• Bitcoin edged closer to $90,000 on Tuesday as the rally fueled by Trump's election win continued.
• The crypto coin has climbed 18% over the last five days on excitement for Trump's second-term.

Bitcoin is inching closer to $90,000 as the rally that's propelled the cryptocurrency market to new highs since Trump's election victory shows no sign of slowing.

The price of bitcoin edged 1% higher on Tuesday, trading around $89,313 by mid-afternoon. The token has surged 18% over the last five days, embarking on a record-setting rally after Trump secured his second term in office last week last week.

All told, the latest surge has pushed the total crypto market value to $3 trillion, pushing even meme-coins like dogecoin to their highest levels in years.

Traders are hopeful that Trump, who's known in the space as the "crypto president," will boost digital asset prices during his term, especially after prominent displays of support for crypto during his campaign. Market players say their wish list includes friendlier regulators and even a national bitcoin reserve.

Earlier this year, Trump gave a speech at the 2024 Bitcoin Conference, where he promised to create a "bitcoin national stockpile." In October, he launched a stablecoin with his crypto business, World Liberty Financial.

Traders are also laying bets that bitcoin could hit six-figure territory by the end of the year, according to Deribit exchange data cited by Bloomberg. Forecasts for bitcoin to surpass $100,000 are also gaining traction on Wall Street, with Standard Chartered predicting the crypto could hit $125,000 by the end of the year, the firm said in a September note.