Bitcoin breached the $98,000 level for the first time Thursday as investors continued pricing in a second Donald Trump presidency.

The price of the flagship cryptocurrency was last higher by more than 4% at $98,187.00, according to Coin Metrics. Earlier, it rose as high as $98,367.00.

Crypto exchange Coinbase advanced 3% in premarket trading while MicroStrategy, which trades as a bitcoin proxy, jumped 11%. Mining stocks rose as well, with Mara Holdings up 9%.

Bitcoin has been regularly hitting fresh records this month on hopes that Trump will usher in a golden age of crypto, which would include more supportive regulation for the industry and a potential national strategic bitcoin reserve or stockpile.

“Looking back at previous moves of this magnitude, BTC has historically either gone into a consolidation period, or ignored the overbought condition as investors pile in,” Rob Ginsberg, an analyst at Wolfe Research, said in a Wednesday note.

“Being that we are just breaking out of one of those long consolidation periods, and price is currently at a new high … something tells us the chase is on,” he added. “The real test will come when the major psychological level of $100,000 is likely hit in coming weeks” — and could hit as soon as Thursday.

Another Trump term also implies larger budget deficits, potentially more inflation and changes to the international role of the dollar – all things that would have a positive impact on the price of bitcoin.

Bitcoin has gained more than 165% in 2024.