Analysts credit much of the recent gains to an anticipated “crypto-friendly” nature of the incoming administration, which could translate into more regulatory clarity but also leeway.

Bitcoin prices rose to a new record high of more than $84,500 on Monday as its record-setting run continued in the wake of President-elect Trump's victory in last week's election.

Bitcoin’s record-breaking rally took the digital asset past $89,000 and lifted the overall value of the crypto market above its pandemic-era peak as traders bet on a boom under President-elect Donald Trump.