On Thursday, Bitcoin (BTC) soared to an unprecedented $98,349, sealing its hegemony over the financial markets. Driven by hope for the incoming Trump administration, the value of BTC has increased by more than 40% in just two weeks.

Using CoinDesk data, Bitcoin was trading at $97,466, inching towards the all-time high of $100,000. The move also included similar assets such as crypto exchange-traded funds (ETFs), which have been popular since US authorities allowed spot Bitcoin ETFs early this year.

Donald Trump’s campaign promises to establish the US as a ‘crypto capital’, build a strategic Bitcoin reserve and oust SEC Chairman Gary Gensler, a powerful crypto sector opponent, have helped revive the market blow. Trump’s direct involvement, including the creation of World Liberty Financial, has boosted investor confidence.

While enthusiasts praise Bitcoin as a transformative digital asset, critics warn of its notorious volatility and erratic nature. However, the question remains will this rally continue or is the market ready for another spectacular turnaround as Bitcoin moves closer to the $100,000 mark?

This article first appeared on GuruFocus.