Bitcoin price hits $85,000 amid massive rally following Trump victory
Quick Take
- Bitcoin’s price continues to rise following the election of Donald Trump as the 47th president of the United States on Nov. 5.
- The cryptocurrency was breaking all-time highs even before his victory was official, first starting with $74,000 on Election Day.
The price of bitcoin broke the $85,000 level Monday afternoon, marking a new milestone for the world's largest cryptocurrency by market capitalization.
Bitcoin reached $85,101 at 1:41 p.m. ET, according to The Block Prices. Bitcoin's price continues to rise following the election of Donald Trump as the 47th president of the United States on Nov. 5.
Pro-crypto voters bet that if Trump won the presidency, bitcoin's price would increase. The cryptocurrency has been breaking all-time highs even before his victory was declared official, first starting with $74,000 on Election Day evening. Bernstein analysts said bitcoin's price could reach up to $90,000 by January.
Bitcoin is not the only digital asset ballooning after Trump's win. The popular memecoin DOGE hit a price of $0.32 at 11:39 a.m. ET (16:49 UTC) on Nov. 11, rising 22.4% in the last 24 hours and amassing $24.4 billion in volume in that time.
DOGE joins cardano (ADA) and shiba inu (SHIBA) in outperforming bitcoin in the past seven days, The Block previously reported.
The GMCI 30, which represents the top 30 cryptocurrencies by market cap, is up 2.8% to 158.22.
Correction: Nov. 11 19:19 UTC: Removes mention of DOGE's previous all-time high.
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