XRP, the world’s third-largest cryptocurrency by market capitalization, hit a record high at $2.90 on Tuesday before pulling back — with its rally fueled by optimism around a more friendly regulatory environment under the upcoming Trump administration.

That’s made it the third-biggest crypto by total valuation, according to CoinMarketCap data. Bitcoin, the world’s largest token, is up about 27% over the same period. While investors believe that all digital assets will benefit from Trump slashing regulation,

XRP’s market capitalization has now surpassed $154 billion, despite languishing below $30 billion before Donald Trump’s re-election. Overall, the broader crypto market has now grown to a staggering $3.6 trillion, and is only set to continue its rapid growth.