The value of the global cryptocurrency market has surpassed $3 trillion as the election of Donald Trump as US president boosted betting on hopes that friendly US legislation could lead to a new boom in the industry.

In particular, the sum of the market value of cryptocurrencies reached a high of almost 3.2 trillion. dollars early today, November 14 in Asia, based on analytics and cryptocurrency data aggregation platform CoinGecko.

Bitcoin dominates the crypto market, and the market value milestone coincided with the token’s rise to a record high of $93,480.

“Generally the way this market is going is that bitcoin will break out and then the rest of the altcoins will follow,” said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.

“So there is this gradual shift of funds…and then we can expect the total market capitalization to increase,” he noted.

The election of Trump and several pro-crypto lawmakers to Congress has sparked a tax wave, potentially removing some uncertainty about US regulations.

Bitcoin, it has doubled this year and is up 30% since the November 5 US election to $90,000. The smallest cryptocurrency, the Ether it’s up about 33% since the election to $3,220.

Dogecoin, an alternative and volatile cryptocurrency promoted by billionaire Trump ally Elon Musk has gained 140%.

The Bitcoin spot have attracted net flows of about 4.05 billion dollars since Nov. 6, according to Refinitiv Lipper data, about 15% of total inflows since they began in January.

“People want more exposure to cryptocurrencies, clearly, from the Trump presidency, and they want riskier asset exposure in general,” said David Glass, digital asset strategist at Citi.

Trump has referred to a US “strategic bitcoin reserve”, similar to that of gold, that the US government would hold, but the details are unclear.

“Bitcoin enthusiasts are known for their bold predictions, but reaching $100,000 by the end of the year seems possible,” said Carl Szantyr, founder and managing partner of Blockstone Capital.