The price of Bitcoin surged past $91,000, marking a new milestone as it continues to ride the wave of post-election gains. The cryptocurrency's value increased by over 2% to reach $91,705, briefly hitting an all-time high of $92,066.16.
Traders are closely evaluating the latest inflation data, with the Consumer Price Index indicating a 0.2% rise in October. This led to an annual inflation rate of 2.6%, aligning with expectations. Bitcoin has been benefiting as part of a broader increase in risk assets following the election, with many investors considering it a hedge against potential inflation-inducing fiscal policies.
Other cryptocurrencies also experienced modest gains as traders absorbed the election aftermath. Ethereum (ETH) and Solana (SOL) each rose by around 1%, while Dogecoin (DOGE) saw an 8% increase.
In addition, Tesla (TSLA, Financial) became one of the significant post-election winners, following news that CEO Elon Musk would join the Trump administration as a result of his involvement in Donald Trump's campaign.
