As per analysts, the $100,00 milestone is "now firmly in sight". Illustration: Reuters/Kevin Wurm/File Photo

Bitcoin's value has soared to a record high of above $95,040, as excitement builds around a potentially supportive approach to cryptocurrencies under President-elect Donald Trump. At the time of writing, it is worth $95,649.

According to a recent report by Reuters, the cryptocurrency Bitcoin has more than doubled in value this year and surged 40% in just the two weeks since Trump won the election.

Trump's pro-crypto promises during his campaign, including plans to make the US a global leader in digital assets and even create a national bitcoin reserve, have fueled optimism among investors, suggests the report. As per analysts, the $100,00 milestone is "now firmly in sight".

Investors have been pouring money into US-listed bitcoin exchange-traded funds (ETFs), with over $4 billion invested since the election, according to Reuters. Bitcoin's rally is also boosting crypto-related stocks. Shares of bitcoin mining company MARA Holdings rose 14% overnight, while MicroStrategy, a software firm heavily invested in bitcoin, saw its stock jump 10%, pushing its market value past $100 billion.

Despite the optimism, experts urge caution. Many are watching to see how the new administration handles regulation. In the Reuters article, Will Peck, head of digital assets at WisdomTree, noted, "It's still unclear if this administration will deliver the clarity the crypto community has been waiting for."