Bitcoin prices have been on the rise this year, and the cryptocurrency has reached the $100,000 price point for the first time on Wednesday.

The cryptocurrency's price has jumped more than 5% in the last 24 hours.

The latest rally began with the election of Donald Trump as president, as he promised a more crypto-friendly regime than current president Joe Biden. On Wednesday, Trump selected Paul Atkins, a crypto proponent, as the chairman for the Securities and Exchange Commission (SEC).

Under Biden, the SEC has taken legal action against crypto exchanges like Coinbase, claiming that some crypto tokens sold through the platforms were actually unregistered securities. The crypto industry donated $245 million during the election cycle, according to CNBC .

Reuters reported that because of Trump's pro-crypto stance, small businesses are shifting some of their investments from cash to crypto .

Bitcoin's price has jumped about 50% since election day and is up more than 100% for the year overall.