Bitcoin hits $87k in relentless post-election rally to new frontiers
Bitcoin (BTC) broke multiple new price levels throughout the day on Nov. 11, reaching a new all-time high of $87,450 as it continues its blistering post-election rally into price discovery.
As of press time, the flagship crypto was trading at $87,169, up almost 10% for the day and roughly 25% since Donald Trump was declared the winner of the 2024 US elections on Nov. 6.
The surge in Bitcoin has also led to a wider market rally, with many altcoins reaching new local highs and some hitting price discovery along with Bitcoin.
Some speculate that the surge is a sign of retail returning to the market. However, Coinbase remain far from the top 10 app on iOS, while google searches for Bitcoin remain far below the levels seen during the peak of the 2021 bull run.
Analysts believe the current surge is mostly the after-effects of the Trump trade playing out and primarily driven by people FOMO-ing back into Bitcoin after selling at previous highs in anticipation of a reversal.
Dogecoin (DOGE) has displayed an even more impressive climb since the elections due to Elon Musks involvement in the Trump administration and his historical support for the memecoin.
DOGE was trading at $0.33 as of press time, up 47% in the past 24 hours and the highest price seen since 2021. The memecoin has been one of the strongest performers in the top 10 after climbing 121% over the past week and nearly 190% over the past month.
According to DefiLlama, BTC is up nearly 38% monthly and shows a strong correlation of 0.97 points with the Pearson Coefficient. Since the Pearson Coefficient varies from -1 to 1, where 1 is the maximum positive correlation between two variables, DOGE will likely increase when BTC does.
Ethereum (ETH) also performed well amid market optimism, climbing 6.5% over the past 24 hours to $3,328.29, the highest level since Aug. 3.
However, given Bitcoins strong performance, the ETH/BTC pair is down 3.6% to 0.3816 BTC but higher than the all-time low hit on Nov. 3.
Meanwhile, Solana (SOL) hit a new local high at $223.6, its highest since December 2021, while its market cap has climbed to a new all-time high at $104.4 billion.
In the US stock market, crypto-related stocks also display outstanding performance. MicroStrategys MSTR registered a new all-time high after nearly 25 years at $340.31, following a 24.5% price increase.
Additionally, Coinbases COIN is up by 22.1% daily, priced at $330.59, the first time above $300 since November 2021. COIN shares are less than 3.6% short of its all-time high registered on Nov. 12, 2021.
Meanwhile, the S&P 500 and Nasdaq Index showed virtually no price variations today, which makes COIN and MSTR performances even more significant.
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Text source: CryptoSlate
