Bitcoin has made a remarkable ascent, recently surpassing the $90,000 mark on the Coinbase exchange, momentarily reaching $90,100 before retreating due to selling pressure. This remarkable spike in the cryptocurrency sector led to approximately $940 million being liquidated from leveraged derivatives positions across the digital asset spectrum.

The recent bullish trend in cryptocurrency values has been accompanied by encouraging market dynamics, particularly after Donald Trump's election victory, which is making investors optimistic about the potential for pro-crypto regulations.

Notably, while Bitcoin experienced this surge, other cryptocurrencies like Ripple's XRP, Stellar Lumens (XLM), and Hedera (HBAR) saw gains of roughly 15% to 18%, outpacing the CoinDesk 20 Index.

"More than retail investors, institutions are driven by government signals," said Nathan McCauley, CEO and co-founder of Anchorage Digital. "The anticipation of a pro-crypto government next year is proving to be an institutional catalyst—the likes of which we have never seen."

Within minutes of reaching the $90,000 threshold, Bitcoin's price fell back to around $88,500. Despite the fluctuations, it remained up 0.9% over the past 24 hours, signaling a robust market performance compared to the broader CoinDesk 20, which was flat. This volatility indicates the significant pressure and opportunity within the cryptocurrency market as it continues to evolve.