Bitcoin Hits Historic High of $85,000 Following Election Results
Bitcoin's surge to $85,000 marks significant growth in the cryptocurrency market, contrasting with the decline of major tech stocks and gold.
Bitcoin reached a groundbreaking $85,000 on Monday, as per data from TradingView, following an impressive rally spurred by the recent U.S. elections.
Market Dynamics
- Recently, gold and leading tech stocks such as those dubbed the 'magnificent seven' have shown lackluster performance.
This significant price movement in Bitcoin is reflective of a broader trend in the cryptocurrency market. Over just the past week, Bitcoin has surged nearly $20,000 from a low of $66,700 recorded on November 6. Currently, the price stands at approximately $84,255, with a peak of $84,989 noted by CoinDesk Indices.
Stock Shifts
Interestingly, while Bitcoin is thriving, major tech stocks like Apple, NVIDIA, and Amazon have declined. Furthermore, gold has fallen by nearly 3%. It seems investors may be pivoting away from traditional markets in anticipation of Trump’s administration, especially given his vocal support for cryptocurrencies.
Moreover, analyst Eric Balchunas from Bloomberg reported that the iShares Bitcoin Trust ETF (IBIT) experienced $1 billion in trading volume within the first 35 minutes post-launch, signaling strong initial interest and inflows. "After the election, it did that in 20 minutes, so although it’s slightly less than last Wednesday’s volume, it remains a robust early signal," said Balchunas.
UPDATE (Nov. 11, 16:44 UTC): This report includes ongoing adjustments to the market prices and notes the performance of the CoinDesk 20 Index (CD20) which has climbed by 29% since the election.
