The bitcoin price has topped $90,000 per bitcoin, up 20% in a week, as traders eye $100,000 in the wake of Donald Trump's U.S. presidential victory, with Musk's "favorite" cryptocurrency dogecoin leading a price pump that's sent the combined market back over $3 trillion for the first time since 2021.

Dogecoin (DOGE) is down 4% on Thursday after key figures, including Elon Musk, shared views on its token design and what a deflationary path could mean for its appeal as a currency. Meanwhile, traders Ali Martinez and Peter Brandt highlighted key similarities between Dogecoin's current price movement and historical data.

Dogecoin, the meme cryptocurrency often associated with Elon Musk, soared in value after President-elect Donald Trump greenlit the tech billionaire's ideas for a new executive department by a similar name.