Bitcoin surged to $74,092 on Tuesday as crypto investors celebrated the expected election victory of Donald Trump, who has pledged to make the US “the bitcoin superpower of the world”.

Crypto stocks gained in premarket trading. CleanSpark rose 16%; Riot Platforms and MicroStrategy rose 14%; Coinbase rose 13%; Bit Digital and Marathon Digital rose 11%.

The world’s biggest cryptocurrency surpassed its previous peak of $73,803.25 in March, following a rally of 6.5% on Tuesday.

Trump has positioned himself as the pro-cryptocurrency candidate, vowing to end the industry’s “persecution” and courting public and financial backing from major Silicon Valley crypto investors including venture capital firm Andreessen Horowitz and Gemini co-founders Tyler and Cameron Winklevoss.

“The future of crypto has never looked brighter than today,” said Kris Marszalek, chief executive of exchange Crypto.com.

“We are on the brink of a new American Renaissance,” said Tyler Winklevoss. “The crypto army is striking!” he wrote on X.

Bitcoin’s gains were also propelled this week by inflows into US exchange traded funds that invest directly in the cryptocurrency. BlackRock’s fund, the market leader, has taken in more than $2.4bn in the past week, bringing its total assets to more than $29bn.