Bitcoin Climbs Above $84K, Adds Almost $20K in a Week

As a seasoned researcher who has navigated through various market cycles, I can confidently say that this latest surge in Bitcoin’s price is intriguing, to say the least. Having closely observed the market dynamics over the years, I find it quite fascinating how political events, like the U.S. elections, can influence the trajectory of digital assets such as Bitcoin.

On Monday, the value of Bitcoin (BTC) surpassed $84,000, marking an extension of its upward trend after Donald Trump emerged victorious in the U.S. presidential election on November 5th.

Bitcoin, currently the most valued cryptocurrency, consistently surpasses previous record highs, indicating a robust upward trajectory. Over just the last seven days, it’s climbed nearly $20,000 from its November 6th low of $66,700.

As a crypto investor, I find it intriguing to notice that the tech stocks often referred to as ‘the magnificent seven’ are underperforming today. Shares of Apple (AAPL), NVIDIA (NVDA), Amazon (AMZN), Microsoft (MSFT) and META (META) have seen a dip, while Google (GOOGL) is barely up. Interestingly, Tesla, which holds 9,720 BTC, has experienced a 9% increase, whereas gold has dipped by 2%.

It’s possible that investors may shift their focus from technology stocks and gold towards cryptocurrencies, given the anticipation of Donald Trump entering the White House in early 2021. His political stance on cryptocurrencies is favorable, which could potentially influence this market.

As an analyst, I’d like to highlight an interesting point: Within just the initial 35 minutes of its debut, the iShares Bitcoin Trust ETF (IBIT) managed to trade a whopping $1 billion in volume, according to Senior Bloomberg analyst Eric Balchunas.

According to Balchunas, a day following the election, it took just 20 minutes for something to occur, which was slightly shorter than last Wednesday but still quite vigorous. This could be a promising early sign of substantial inflows throughout the current week.