SINGAPORE:Crypto-traders are riding a surge of euphoria as Bitcoin hovered near $90,000 on Tuesday. Following Donald Trump's victory as US president and anticipations that his government will be crypto-friendly.

In the week following the election, Bitcoin, the largest cryptocurrency in the world, has become one of the most prominent movers. It reached $89,637 in Asia, a gain of almost 25% since November 5.

It is surging along with Elon Musk's automaker Tesla, which is up nearly 40% since voting results rolled in as investors figure Trump's friends and interests will do well while he is in office.

"Obviously (it's) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves," said Nick Twidale, chief market analyst at ATFX Global in Sydney.

"The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above."

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.