Bitcoin (BTC) surged to $85,000 on Monday, as shown by data from Trading View, continuing a powerful rally following Donald Trump’s win in the U.S. presidential election on November 5.
As the largest cryptocurrency by market capitalization, Bitcoin has been reaching all-time highs, signaling a robust upward trend. Over the past week, Bitcoin has gained nearly $20,000 from its November 6 low of $66,700. Recently, it was trading at around $84,255 after peaking at $84,989, based on CoinDesk Indices data. Meanwhile, the CoinDesk 20 Index (CD20), which tracks a wider array of crypto assets, has risen by 29% since the election.
In an interesting twist, major tech stocks—often referred to as the “magnificent seven”—have been underperforming. While Apple (AAPL), NVIDIA (NVDA), Amazon (AMZN), Microsoft (MSFT), and Meta (META) saw declines, Google (GOOGL) was slightly up. Tesla, which holds 9,720 BTC, saw a gain of 9.6%, while gold dropped nearly 3%.
This shift could indicate a rotation from tech stocks and gold to cryptocurrencies as investors prepare for Trump’s entry into the White House early next year, especially given his campaign’s pro-crypto stance.
Adding to the excitement, Bloomberg’s Senior Analyst Eric Balchunas noted that iShares Bitcoin Trust ETF (IBIT) experienced $1 billion in trading volume within its first 35 minutes. “The day after the election, it reached that volume in just 20 minutes—slightly less than last Wednesday but still very strong,” Balchunas added, suggesting this week could see strong inflows.
