Bitcoin surpasses $91,000 for the first time after the post-election gains and inflation data are digested by investors.

On Wednesday, the stock price of rose above $91,000 for the first time, continuing its postelection rally, while traders analyzed October inflation data.

The flagship cryptocurrency briefly hit a new record of $92,066.16, marking a 2.2% increase from its previous high of $91,705.

The recent consumer price index revealed that prices rose 0.2% in October, resulting in a 12-month inflation rate of 2.6%, which aligns with expectations.

Bitcoin, following a recent postelection rally among risk assets, is viewed by many investors as a safeguard against potential fiscal policies that may cause inflation.

The price of other cryptocurrencies increased by about 1% as traders analyzed the postelection gains from the past week.

Since the election, Tesla CEO Elon Musk's involvement in President-elect Donald Trump's campaign and upcoming role in his administration have made it one of the biggest winners.