Bitcoin Touches Record-High $85K, Adds Almost $20K in a Week
2024-11-11

Bitcoin {{BTC}} climbed above $84,000 Monday as it extended its rally following Donald Trump's victory in the Nov. 5 U.S. presidential election.
The largest cryptocurrency by market capitalization continues to hit all-time highs, which shows a strong uptrend. In the past week alone, bitcoin has added almost $20,000 from its Nov. 6 low of $66,700. 
The interesting part is that the so-called magnificent seven tech stocks are underperforming. Apple AAAPL, NVIDIA NNVDA, Amazon AAMZN, Microsoft MMSFT and META MMETA are all down on the day, while Google (GOOGL) is slightly up. Tesla, holding 9,720 BTC, has added 9%. Gold is down 2%.
This could be a rotation from tech stocks and gold into cryptocurrencies as the market awaits Trump's entry into the White House early next year. His campaign emphasized his support for cryptocurrencies.
In addition, according to Senior Bloomberg analyst Eric Balchunas, iShares Bitcoin Trust ETF IIBIT saw $1 billion in volume in the first 35 minutes of trading.
"Day after election it did that in 20minutes, so a bit less than last Wednesday but still pretty intense. Pretty good early indicator of strong inflows this week", according to Balchunas.