Bitcoin hits $87k in relentless post-election rally to new frontiers Gino Matos · 4 hours ago · 2 min read
Bitcoin is showing no signs of stopping after breaching the $80,000 price level for the first time on Sunday.
2 min read
Updated: Nov. 11, 2024 at 9:12 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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 Musk’s 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 Bitcoin’s 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. MicroStrategy’s MSTR registered a new all-time high after nearly 25 years at $340.31, following a 24.5% price increase.