The blistering rally in bitcoin reached fever pitch on Tuesday as bullish traders flooded into exchange-traded funds, ramping up bets that the world’s largest cryptocurrency will hit $US100,000 before the end of the year.

Bitcoin jumped as much as 10 per cent to a fresh all-time high of $US89,599 ($136,288) on Tuesday morning – its biggest gain since March 2023 and extending its rally since last week’s US election to 30 per cent. The crypto market capitalisation passed its pandemic-era peak, topping $US3 trillion.