Bitcoin climbed to a three-week high in early Asian trading, amid lingering political uncertainty following the US-led ouster of Venezuela’s President Nicolás Maduro over the weekend.

The world’s largest cryptocurrency rose as much as 2.3 per cent to US$93,323 on Monday (Jan. 5) morning, marking its highest level since Dec. 11.

Ether and other major tokens also saw modest gains.

The rally coincided with broadly positive sentiment in Asian markets, where equities hit record highs driven by technology and artificial intelligence stocks.

Gold surged over 2 per cent to more than US$4,400 an ounce, while silver jumped as much as 4.8 per cent, as investors sought safe-haven assets in response to Maduro’s capture.

Bitcoin has sometimes been seen as a safe haven during periods of market turmoil, while at other times it has tracked broader stocks and risk assets.

Currently, its gains are being supported by crypto-focused firms and a lack of selling from key players such as Bitcoin miners, wealthy family offices, and large investment funds, according to Sean McNulty, APAC derivatives trading lead at FalconX.

After weeks of trading in a narrow range, Bitcoin missed the stock market rally over the Christmas holidays and finished the year down 6.5 per cent.

Traders are watching to see if Bitcoin can sustain a move above US$94,000, while US$88,000 remains the key support level, according to McNulty.