Bitcoin (BTC-USD) on Saturday was hovering just under the historic $100K milestone, taking a bit of a breather after another week of massive gains.

The world's largest cryptocurrency has quickly cemented its place as one of the most prominent "Trump trades" following the former U.S. President's election victory on November 5.

Trump embraced the crypto during his election campaign and became the first-ever major U.S. party nominee to accept donations in bitcoin (BTC-USD) and other cryptocurrencies.

The President-elect in July said he wanted to turn the U.S. into the "crypto capital of the planet and the bitcoin superpower of the world." He also said he would hold the cryptocurrency in a strategic national stockpile if re-elected. Also see: SA Sentiment: Should the U.S. create a Strategic Bitcoin Reserve?

High-profile crypto investor Mike Novogratz, the founder and chief executive of Galaxy Digital, this week said bitcoin (BTC-USD) hitting $100K was "almost inevitable."

Bitcoin (BTC-USD) and cryptocurrencies in general also received a shot in the arm this week after U.S. Securities and Exchange Commission (SEC) chair Gary Gensler said he'll step down in January. Gensler has been known for his adversarial stances with Wall Street and crypto.

"Gensler's resignation marks a new chapter at the SEC – one where neutral regulators are driven by the law and not ideological politics. On November 5, the American people delivered a clear pro-crypto mandate," non-profit organization Cedar Innovation Foundation said in a statement on Thursday.

"The next SEC chair, the new Congress, and the new administration have an historic opportunity to enact responsible regulation that ensures American global leadership and creates good jobs at home instead of driving them overseas, all while protecting and empowering consumers. It’s time to act," the Foundation added.

Bitcoin was last down 1.6% to $97,701.94 in afternoon trade. It reached as high as $99,772.99 on Friday.

Here are some exchange-traded funds of interest tied to bitcoin (BTC-USD) and blockchain: (IBIT), (ARKB), (GBTC), (BRRR), (BTCO), (HODL), (BTCW), (FBTC), (BITB), (EZBC), (BITQ), (DAPP), (BKCH), (BLOK), (CRPT), and (IBLC).

More on Bitcoin

• Bitcoin's Appreciation Will Benefit The U.S. Government
• VanEck Mid-November Bitcoin ChainCheck
• Bitcoin's Rocket Ride To Near $100,000, More To Come?
• Election Scorecard: A look at how some major assets have done so far since Trump's win
• Wall Street makes steady gains this week, as bitcoin's $100K race steals spotlight