Bitcoin has soared to a new all-time high, continuing a rally that has seen its value climb over 50% since Donald Trump’s election win on November 5. 

The world’s largest cryptocurrency briefly surpassed $106,000 (£83,890) before settling at around $104,500 during Asian trading on Monday. 

The Trump administration, set to take office, is widely perceived as more crypto-friendly compared to its predecessor. On Thursday, the president-elect confirmed plans to potentially establish a national cryptocurrency reserve, akin to the country’s strategic oil reserves.

"The post-election Bitcoin surge has been extraordinary, with FOMO – the fear of missing out – driving prices higher," said Peter McGuire from trading platform XM.com in an interview with the BBC. "Many predict Bitcoin could hit $120,000 by year-end, and there’s speculation it might surpass $150,000 by mid-2025."

Earlier this month, Trump appointed Silicon Valley entrepreneur David Sacks as his advisor on artificial intelligence (AI) and cryptocurrencies. Sacks, a former PayPal executive, is a close associate of Elon Musk, a key Trump ally and donor.

Trump has also said he would nominate pro-cryptocurrency Washington attorney Paul Atkins as the new head of the Wall Street regulator, the Securities and Exchange Commission (SEC).

Last month, the SEC's current head, Gary Gensler, said he would resign from the role on the day of Trump's inauguration, on 20 January next year.

"I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour," Mr Gensler wrote on the social media platform X.

Trump had previously revealed plans to sack Mr Gensler on "day one" of his new administration after the SEC chairman took legal action against cryptocurrency firms, sparking controversy in some quarters.