Bitcoin has topped 100,000 dollars (£78,701) for the first time as a massive rally rolls on, only hours after US President-elect Donald Trump picked crypto advocate Paul Atkins to lead the US Securities and Exchange Commission (SEC).

Mr Trump said Mr Atkins, the chief executive of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations”.

In the years since leaving the SEC, Mr Atkins has made the case against too much market regulation.

Mr Trump wrote on Truth Social: “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World.

“He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

Bitcoin has soared to unprecedented heights since Mr Trump won the election on November 5.

The cryptocurrency has climbed dramatically from 69,374 dollars (£54,805) on Election Day and rose as high as 101,512 dollars (£80,194) on Wednesday, just two years after dropping below 17,000 dollars (£13,430) following the collapse of crypto exchange FTX.

How long Bitcoin will stay above the coveted 100,000-dollar mark is uncertain. As with everything in the volatile cryptoverse, the future is impossible to predict.

While some are bullish on future gains, other experts continue to warn of investment risks.

Bitcoin passes 100,000 dollars for first time