Bitcoin (BTC) has rocketed to unprecedented heights, trading at $89,600 as cryptocurrency markets respond enthusiastically to Donald Trump’s election victory. The flagship cryptocurrency has shattered previous records, gaining over 12% in a single day and pushing the total cryptocurrency market capitalization to a staggering $3.12 trillion.

The dramatic rise has seen Bitcoin break through multiple psychological barriers, surging from $80,000 to nearly $90,000 in just 24 hours. This rapid ascent has been accompanied by extraordinary trading volumes, with Bitcoin-related securities seeing a combined daily trading volume of $38 billion – a phenomenon some analysts have dubbed “Volmageddon.”

“Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and [we] see bitcoin prices potentially reaching the six-figure mark by the end of this year.”