The price for bitcoin was around 3.5 percent higher at 11:00 a.m. London time Wednesday at $733.84. Since November 4, the cryptocurrency has been stuck around the $700-709 trading band.

As the results for the election began to trickle in, the cryptocurrency quickly began to rise at around 2 a.m. London time.

Donald Trump's historic victory in the U.S. presidential elections has pushed up prices for the digital currency bitcoin .

The weakening dollar may have added to the rise, but the digital currency is also higher when priced in other currencies like the Chinese yuan, sterling and the euro. Charles Hayter, CEO and founder of Crypto Compare, said that the price is rising on safe-haven demand in reaction to the uncertainty created as a result of Trump's victory.



"Bitcoin is yet again acting as a form of digital gold and correlating strongly with the commodity - when there is uncertainty safe haven assets see a boost," he told CNBC via email.



"As with Brexit, bitcoin is seeing an upward jolt on the back of Trump's election and the resultant lack of clarity on the global stage."



Other safe-haven assets were also boosted Wednesday. Gold prices were up around 2.4 percent by mid-morning in Europe, the Japanese yen was up almost 2 percent against the dollar and the Swiss franc was up around 0.4 percent.