Bitcoin (BTCUSD) briefly surged past $99,000 Thursday, creating another price record as investors, big and small, can't seem to get enough of the cryptocurrency.

The largest cryptocurrency by market capitalization has more than doubled in value this year, gaining over 130% year-to-date, and is now within striking distance of the $100,000 mark

Bitcoin price hit another record on Thursday as Donald Trump's U.S. presidential election win and the promise of a more crypto-friendly administration propelled the cryptocurrency to within striking distance of the $100,000 mark.

Bitcoin price briefly crossed the $99,000 level on Thursday, continuing a record-breaking rally that has seen the cryptocurrency gain more than 130% year-to-date.

The cryptocurrency was trading at $98,800 by 09:18 ET (14:18 GMT), having hit a session low of $97,234. Bitcoin price hit an all-time high of $99,484 earlier in the day.

The world's largest cryptocurrency by market capitalization now trades at a striking distance from the $100,000 level, a price point that was unthinkable a year ago when BTC was trading close to $37,000.

Investors now appear to be anticipating a more crypto-friendly stance from the Trump administration following the Republican's election victory earlier this month.

Bitcoin price rose 46% in the two and a half weeks since the U.S. elections. Investors also cheered the departure announcement for U.S. Securities and Exchange Commission Chair Gary Gensler on Thursday. Gensler faced criticism from the crypto industry for his enforcement approach.

Bitcoin-Hungry Investors Fuel Price Rally

Both retail and institutional investors are showing interest in Bitcoin. Flows into the spot bitcoin exchange-traded funds also hit records in recent weeks.

These products, which hold bitcoin and buy more of the cryptocurrency as investors pile into them, in turn, drove bitcoin prices higher. Retail investors aren't the only ones flocking to these products.

According to data analyzed by Coinbase, more institutional investors—such as hedge funds and investment advisers—bought into spot bitcoin ETFs in the third quarter than in the previous one.

Meanwhile, bitcoin-related stocks are also seeing massive action on Wall Street.

What Bloomberg senior ETF analyst Eric Balchunas refers to as the "Bitcoin Industrial Complex," a collection of publicly traded companies and ETFs with direct or indirect exposure to the bitcoin price, posted a record of more than $50 billion in trading volume on Wednesday.

Notably, MicroStrategy (NASDAQ:MSTR), which pivoted to a strategy of acquiring bitcoin in 2020, recently saw stock trading volumes that rival the likes of Tesla (NASDAQ:TSLA) and Nvidia (NASDAQ:NVDA).

MicroStrategy now holds more than 331,2000 bitcoin on its books, which is valued at over $32 billion at current prices, and the company's stock has risen more than 500% this year.

That prompted many more publicly traded companies to take a leaf out of MicroStrategy's bitcoin playbook. While bitcoin miner Marathon Holdings (NASDAQ:MARA) and health-care company Semler Scientific (NYSE:SMLR) did that in the past, this week alone saw announcements from Cosmos Health (OTC:COSM), LQR House (OTC:LQR) and Acurx Pharmaceuticals (NASDAQ:ACXP).

$100K in Sight, But Correction May Follow

The $100K price milestone may not be too far away, but many experts say that bitcoin may not sustain a breach of that level for too long.

Despite the strong interest from institutions, Galaxy Digital CEO Mike Novogratz warned that a correction is on the way in an interview with CNBC Thursday morning.

“The crypto community is levered to the gills, and so there will be a correction,” Novogratz said, adding that he expects bitcoin's price to fall to $80,000 levels—which would represent a more than 20% drop from the $100,000 price point.

Bitcoin Price Decouples From Gold Correlation

Part of bitcoin's original premise as an investment was that it was decoupled from stock markets and instead was viewed as "digital gold." Gold is often likened to a safe haven asset in times of turbulence in the stock markets.

Both bitcoin and gold have hit multiple price records in recent months, but gold has faltered of late, with some experts even suggesting a rotation out of gold into bitcoin.

According to data from The Block, bitcoin's 30-day Pearson correlation with gold has gone from 0.82 to -0.66 since Nov. 5, when the U.S. elections occurred.

This effectively means that bitcoin and gold have shifted from being highly correlated to having an inverse correlation in a matter of weeks. However, bitcoin still maintains a strong correlation with the stock market, with Pearson correlation scores of 0.7 and