Bitcoin (BTC) momentum shows no signs of slowing as a rally triggered by a Republican victory earlier this month continues, pushing the asset over $97,000 for the first time on Thursday morning.

BTC was trading above $97,500 during early Asian hours, significantly close to the significant $100,000 threshold that would elevate its market capitalization beyond $2 trillion.

It has gained nearly 30% over the past fortnight, driven by a pro-crypto government in the U.S. and a new round of interest rate cuts from the Federal Reserve, reigniting risk appetite among traders. This rally is informally referred to as a “Trump trade,” as all asset classes, from stocks to bonds, have trended upward since Donald Trump's election win.

Fresh interest in the newly launched BlackRock IBIT options, which track Bitcoin prices and are settled physically, coupled with a pro-crypto cabinet, has formed a solid foundation for this momentum.

CoinDesk reported that the Trump transition team is considering Teresa Goody Guillén of BakerHostetler, who co-leads its blockchain team, among several candidates for the SEC Chair position.

Additionally, IBIT options launched with a significant $2 billion milestone on their debut day, which indicates a transformation in market structure.

Singapore-based QCP Capital noted: “The options market for BlackRock's BTC spot ETF (IBIT) had a phenomenal beginning, trading an incredible 73k contracts in the first hour on Tuesday with a bullish call-to-put ratio of 4.4:1. This activity places IBIT among the top 20 most active non-index options, highlighting the growing institutional confidence in Bitcoin as a significant asset class."

They further elaborated, “This market response is expected to draw new investors and foster diversified trading strategies, potentially reducing both volatility and downside risks, thereby strengthening Bitcoin’s position in mainstream markets.”

With the Republican win, banks and analysts in traditional finance have set high targets, reaching up to $200,000 within coming months.