For the first time ever, Bitcoin is nearing its value of $90,000.

On Monday night, Bitcoin was trading just below $90,000, having surpassed $80,000 the previous day.

Coin Metrics reports that the flagship cryptocurrency was last higher by 12% at $89,100. Earlier Monday, it reached a high of $89,623.00. Many investors anticipate the cryptocurrency's price to continue setting new records as it approaches $100,000 later this year.

"Bitcoin is currently in price discovery mode after surpassing its all-time highs on Wednesday morning, as declared by Mike Colonnese, an analyst at H.C. Wainwright. Strong positive sentiment is expected to continue until 2024, and bitcoin prices may reach the six-figure mark by the end of this year."

President-elect Donald Trump's pledges to create a more favorable regulatory environment for crypto businesses have been met with enthusiasm from crypto investors.

Bitcoin has been considered a secure asset in Washington, but the crypto industry and startups have been operating in a risky grey area.

"Matt Hougan, chief investment officer of Bitwise Asset Management, stated to CNBC that the regulatory environment has shifted 180 degrees, resulting in positive tailwinds, which will propel the market further upward."

The payments token and the token linked to the decentralized finance project have been among the biggest winners in recent trading, with the payments token rising nearly 4% and the token linked to the decentralized finance project gaining more than 4%. The payments token has been one of the biggest winners, likely due to its connection with Elon Musk, who helped get Trump elected. It's up 38%.

In the stock market, Coinbase gained about 3% and 5%, respectively, in extended trading. In the regular session on Monday, Coinbase surged 19% to trade above $300 for the first time since 2021. It's now about 6% from its high from that year.

Traders and analysts agree this rally is just only beginning.

"According to Hougan, there is a gap between the previous bitcoin all-time highs of $72,000 and $100,000. It is difficult to determine what would cause sellers to enter the market and halt the momentum before reaching that level. However, there are no guarantees, and pullbacks could occur. Despite this, Hougan believes that we are in a new crypto market cycle and the bias is still on the upside."