Bitcoin has risen more than 26% since election day on Nov. 5, when it had reached a new record for the first time since March. Ether was down 3% Tuesday after a 33% gain over the past week.

"Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election," said Mike Colonnese, an analyst at H.C. Wainwright. "Strong positive sentiment is likely to persist through the balance of 2024 and [we] see bitcoin prices potentially reaching the six-figure mark by the end of this year."