Bitcoin crosses the $90,000 level, hits an all-time high

It was last down marginally at $88,185, but has gained 32% since the November 5 U.S. election

Bitcoin broke through the $90,000 level on Wednesday, to an all-time high in a rally showing no signs of easing on expectations that Donald Trump as U.S. president will be a boon for crypto currencies.

The world's biggest crypto currency has become one of the most eye-catching movers in the week since the U.S. election and on Wednesday hit a record of $93,480 before paring gains.

It was last down marginally at $88,185, but has gained 32% since the November 5 election.

Smaller peer ether has also added 37% since Election Day, while dogecoin, an alternative, volatile token promoted by billionaire Trump-ally Elon Musk was up more than 150%.

What you have seen since the election is the market hoping or realizing what that could mean for bitcoin in the medium to long term – a pro-bitcoin administration, Senate and potential legislation that not only gives U.S. citizens the right to self-custody bitcoin but potentially for bitcoin to be a strategic reserve asset for the U.S. Treasury, according to Damon Polistina, head of research at Eaglebrook.

Regulatory uncertainty has been a major cloud hanging over the sector and a headwind to advisors allocating for their clients to bitcoin, he added.

Trump embraced digital assets during his campaign, promising to make the US the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.

It is unclear how or when that could happen but the possibility drove a speculative surge in crypto mining and trading stocks.

Zach Pandl, head of research at Grayscale Investments, said the election results will open up the ability for large, regulated businesses such as banks, custodians and exchanges to engage with public blockchain technology in the way that they have not in the past.