Bitcoin surged to a record high to $75,000 as Republican Donald Trump won the US presidential election for the second time.
Dogecoin soared by more than 18 per cent in the past 24 hours, stopping just short of its one-year high.
The cryptocurrency market began an ascent as the election results poured in, with Trump winning state after state in an unprecedented battle that was marked with stark allegiances, especially from among the tech billionaires.
The world's biggest cryptocurrency rose 7 per cent to $75,060, topping March's peak, as Trump marched on his way to a second stint in the Oval Office.
The real estate mogul has taken a soft line on cryptocurrency, to the extent that at a rally he declared he wanted to make the US "crypto capital of the planet."
Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, told Reuters, "(A) Democrat win would have felt like a short term nail in the coffin."
He added, "Probably not the case long term but the market is placing high importance on it."
Experts suggest Dogecoin could go as high as 50 per cent of its current price, on the back of Trump's promise and being a favourite of X boss Elon Musk.
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