Bitcoin reached an all-time high of $95,004.50 on Thursday, fueled by optimism about President-elect Donald Trump's return to the White House and the growing impact of bitcoin exchange-traded funds (ETFs).

The digital currency reached $95,004.50 in early Asian trade, with some predicting it will shortly top $100,000. According to Coin Metrics, the cryptocurrency was last trading at $94,375.79, up 1.5% on the day.

The record-breaking rise occurred after options trading for BlackRock's iShares Bitcoin Trust ETF (IBIT) commenced earlier this week. Additional alternatives for Grayscale and Bitwise bitcoin ETFs are planned to appear in the coming days. Since Trump's election triumph on November 5, the larger crypto market has grown in value by more than $800 billion, according to CoinGecko data.

Market analyst Joel Kruger of LMAX Group credited the rise to growing institutional usage, stating that the approval of spot bitcoin and Ethereum ETFs in 2024 marks the "maturation of the crypto market."

MicroStrategy, the largest corporate bitcoin holder, saw its stock price jump 10% on Wednesday, bringing its weekly gains to 39%. The business, which already owns around $31 billion in bitcoin, revealed plans to raise $2.6 billion in convertible senior notes to extend its digital asset holdings even further.

Speculation is growing about whether bitcoin will break the $100,000 barrier, a psychological milestone seen by supporters as proof of its status as a store of value. However, skeptics continue to claim that the Bitcoin has no utility and is linked to illegal activity.

"Buyers are strangling the sellers," stated Tony Sycamore, Market Analyst at IG Australia Pty. "While the path to $100,000 may not be smooth, demand appears insatiable."

Traders are also keeping a close eye on Trump's planned nominations for Treasury Secretary and SEC Chairman, hoping for a crypto-friendly regulatory environment and a potential national bitcoin reserve. Trump, who was previously skeptical of digital assets, changed his mind after the business invested heavily in lobbying efforts during the election season. The viability of his intended bitcoin hoard remains unknown.

Meanwhile, analysts are keeping an eye on Nvidia's earnings report, which is slated to be released later Thursday, as swings in risk assets may have an impact on bitcoin's trajectory.