Bitcoin skyrocketed to a new all-time high of $85,000, according to data from TradingView. This surge comes after the U.S. elections, showing a strong uptrend in the cryptocurrency market. In just one week, Bitcoin has increased by nearly $20,000 from its recent low of $66,700 on November 6th. Currently, it is trading at $84,255, with a peak of $84,989.
Interestingly, while Bitcoin continues to rise, traditional assets like gold and tech stocks are underperforming. Apple, NVIDIA, Amazon, Microsoft, and META are all experiencing losses, with only Google seeing a slight increase. On the other hand, Tesla, which holds a significant amount of Bitcoin, has seen a 9.6% increase in value. Gold, on the other hand, has dropped by almost 3%.
This shift in the market could be attributed to a potential rotation from tech stocks and gold to cryptocurrencies as investors anticipate Donald Trump’s return to the White House early next year. Trump has expressed his support for cryptocurrencies during his campaign, which may be influencing market behavior.
Furthermore, the iShares Bitcoin Trust ETF (IBIT) witnessed a significant increase in trading volume, with $1 billion traded in the first 35 minutes of trading. This strong inflow of funds into the ETF is seen as a positive indicator for the cryptocurrency market this week.
It is essential to note that CoinDesk, the source of this information, is a reputable media outlet covering the cryptocurrency industry. Their team of journalists follows strict editorial policies to ensure integrity, editorial independence, and freedom from bias in their publications. CoinDesk is part of the Bullish group, which invests in digital asset businesses and digital assets. Employees, including journalists, may receive compensation from Bullish.
As we continue to monitor the developments in the cryptocurrency market, it is crucial to stay informed about the latest trends and insights. With Bitcoin reaching new highs and impacting traditional assets, investors and enthusiasts alike are eager to see how this trend will unfold in the coming days. Stay tuned for more updates on the cryptocurrency market and its ongoing evolution.