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Bitcoin Touches Record-High $85K, Adds Almost $20K in a Week
Gold and most of the so-called magnificent seven tech stocks are down on the day.
Updated Nov 11, 2024, 4:44 p.m. Published Nov 11, 2024, 4:14 p.m.
- Bitcoin touched a record-high $85,000, TradingView data shows, as it extended its rally following the U.S. elections.
- Gold and the so-called magnificent seven tech stocks are underperforming.
Bitcoin hit $85,000 Monday, data from graphing platform TradingView shows, 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. It was trading recently at $84,255, having climbed as high as $84,989, according to CoinDesk Indices data. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, has climbed 29% since the election.
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The interesting part is that the so-called magnificent seven tech stocks are underperforming. Apple (AAPL), NVIDIA (NVDA), Amazon (AMZN), Microsoft (MSFT) and META (META) are all down on the day, while Google (GOOGL) is slightly up. Tesla, holding 9,720 BTC, has added 9.6%. Gold is down almost 3%.
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 (IBIT) 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.
UPDATE (Nov. 11, 16:44 UTC): Updates prices throughout; adds CD20 in second paragraph.
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