Bitcoin surged to an all-time high on Tuesday, nearing the 90,000 dollar mark with a peak of 89,900 during late Asian and early European trading. This milestone comes amid a strong upward trend that saw the leading cryptocurrency rise by nearly 20,000 dollars within a week, following Donald Trump's November 5th US presidential election victory.

Market speculation has been fueled by expectations that Trump, who has shown strong support for the cryptocurrency industry, will lead a crypto-friendly administration alongside a Republican-majority Congress. During his campaign, Trump pledged to make the US a "crypto capital" and expand national Bitcoin reserves, further amplifying investor optimism in recent days.

The rally was additionally driven by a wave of institutional interest and renewed participation from retail investors in the cryptocurrency market. Jesse Myers, co-founder of Onramp Bitcoin, highlighted on social platform X that Bitcoin’s recent surge may also be connected to the impact of the latest "halving" event. Occurring every four years, this event cuts the reward for Bitcoin miners by half, reducing the rate of new Bitcoin issuance and tightening supply.

Myers noted that Bitcoin's unique supply structure, which systematically halves new issuance, could be a factor behind its cyclical price increases. With the cryptocurrency gaining 25% since November 5, Bitcoin has commanded significant investor attention over the past week, drawing both seasoned and new participants into the market.