Bitcoin rose above $93,000 for the first time on Wednesday, adding to its postelection rally, as traders pored through October inflation data Wednesday.
The price of the flagship cryptocurrency was last higher by more than 3% at $92,984.53. At one point it briefly rose to a fresh record of $93,469.08.
Traders were digesting the most recent consumer price index, which showed prices increased 0.2% in October, bringing the 12-month inflation rate up to 2.6%. That was in line with expectations
Bitcoin, which has recently benefited from a big postelection rally across risk assets, is seen by many investors as a hedge against potential fiscal policy that could spark inflation.
Other cryptocurrencies got a small boost as traders digested the past week of postelection gains. Ether and the Solana token were each higher by about 1%.
Dogecoin added 3%. It’s been one of the biggest winners since the election thanks to Tesla CEO Elon Musk’s involvement in President-elect Donald Trump’s campaign and forthcoming role in his administration, which was announced Tuesday night.