Bitcoin has surged to a new all-time high, continuing its bullish streak following the recent US elections.

This exponential increase from its previous highs reflects growing optimism in the cryptocurrency space, propelled by hopes of a more favourable regulatory environment in the US.

The cryptocurrency leader climbed more than 6 per cent on Sunday, November 10, and has now reached levels previously thought unimaginable with another 2.98 per cent jump on November, 13 bringing the value to US$90,564.98, showing no sign of moving bearish anytime soon.

As reported by FX Street, the positive sentiment from investors has seen Bitcoin surpassing the $80,000 mark for the first time, and now pushing even further into uncharted territory. The hope of clearer rules around cryptocurrency and the possibility of a US digital currency are driving prices higher, benefiting not just Bitcoin but the broader crypto market as well.

Ripple Effects on the Broader Market

The strength of Bitcoin has had a knock-on effect on other markets.

The US dollar’s performance has put downward pressure on commodities like gold and oil, with gold continuing to slide in value. Meanwhile, oil prices are showing vulnerability as easing geopolitical tensions reduce demand for traditionally safer assets. However, silver has remained more stable, with prices moving sideways amid mixed market reactions.

As the momentum behind Bitcoin shows no signs of waning, the next few weeks could see the cryptocurrency market pushing even higher.