Bitcoin hits new high, surging over 30% since the US election.

The price of Bitcoin reached a new all-time high on Wednesday, soaring to over $93,400 at one point, continuing the upward trend of cryptocurrencies since Trump's election win last week. As the world's largest cryptocurrency, Bitcoin played a central role in this fluctuation known as the "Trump rally," with its price rising over 30% since election day. The price of Bitcoin has doubled since the beginning of the year. Investors have flocked to Bitcoin and other digital assets, believing that Trump will fulfill his pro-crypto campaign promises. Trump proposed the establishment of a Presidential Cryptocurrency Advisory Council, firing SEC Chairman Gary Gensler, and creating a "National Bitcoin Strategic Reserve." In addition to Bitcoin, other cryptocurrencies also saw an increase on Wednesday, including Ethereum, Solana, and even Dogecoin. Dogecoin surged after Trump announced that Tesla, Inc. CEO Musk and former Republican presidential candidate Vivek Ramaswamy would be responsible for the newly created "Department of Government Efficiency," with the department's acronym being "DOGE." The rise of Bitcoin on Wednesday appeared to be mainly concentrated in the cryptocurrency sector, unlike previous situations. While Bitcoin reached a new high, stocks related to crypto such as Coinbase and Robinhood did not rise in sync, seeming to pause after earlier increases. Coinbase's stock fell by about 2% on Wednesday, while Robinhood remained relatively stable. While some investors have set Bitcoin's target price at $100,000, analysts on Wall Street still warn about the speculative nature of cryptocurrencies, stating that they cannot be valued like most stocks based on earnings or future cash flows. "We continue to view crypto assets as speculative trades rather than strategic investments in a portfolio." Solita Marcelli, Chief Investment Officer for the Americas at UBS Group AG Global Wealth Management, stated in a report on Tuesday. She added, "We remain skeptical about the meaningful and disruptive application of crypto assets in the real world, and these assets could significantly increase the volatility of an investment portfolio." UBS Group AG emphasized that since 2014, Bitcoin has experienced three major pullbacks of over 70%, each recovery taking an average of three years.