Catenaa, Tuesday, November 13, 2024-Bitcoin (BTC) has soared to a record high of $85,000, marking an almost $20,000 increase over the past week, according to TradingView data.
On Monday, Bitcoin was trading near $84,255, after hitting an intraday high of $84,989, as per CoinDesk Indices data.
Since the election, the CoinDesk 20 Index (CD20), which tracks the broader crypto market, has risen by 29%, underscoring a significant shift of interest from traditional assets to digital currencies.
Ironically, major tech stocks, often called the “magnificent seven,” are underperforming.
Stocks like Apple, Amazon, and Nvidia all posted losses, with only Google showing slight gains. Tesla, holding 9,720 BTC, recorded a 9.6% rise.
Gold, another traditionally safe investment, has also declined nearly 3% amid the crypto upswing.
The iShares Bitcoin Trust ETF (IBIT) reported substantial trading volume, surpassing $1 billion within the first 35 minutes.
Bloomberg notes that these strong inflows indicate continued interest, particularly as investors pivot toward Bitcoin ahead of Trump’s return to office.
The surge follows Donald Trump’s victory in the US presidential election on November 5, reinforcing the largest cryptocurrency’s upward trend.
