Bitcoin jumped over $88,000 – in a week it added $20 thousand in price

After Donald Trump’s victory in the US presidential election, the Bitcoin rate has been steadily growing, setting new records. In just a week, Bitcoin added $20,000 in price, reaching, according to Coin Desk, a new all-time high of $88,448, while gold and shares of the “magnificent seven” technology companies show much less impressive results against this background.

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Back on November 6, the price of Bitcoin was $66,700, then it exceeded $77,000, last weekend it exceeded $80 thousand, and yesterday morning it reached $82 thousand and continued to grow throughout the day. At the time of publication, the average Bitcoin rate was $87,740, according to CoinDesk. The CoinDesk 20 Index (CD20), which tracks changes in the 20 largest and most liquid digital assets, is up 29% since the election. Other cryptocurrencies are also actively growing.

Among the “magnificent seven” technology companies, shares of Apple, Amazon, Microsoft, Meta✴ and Nvidia fell during the day, while Google rose slightly. Tesla, which owns 9,720 bitcoins, saw its shares gain 9.6%. The price of gold fell by almost 3%.

According to CoinDesk, this could indicate a movement of funds from technology stocks and gold into cryptocurrencies as the market expects Trump to take office early next year. During his election campaign, the former and new US presidents repeatedly declared support for the cryptocurrency market.

According to Bloomberg senior analyst Eric Balchunas, one of the leading spot Bitcoin ETFs, the iShares Bitcoin Trust ETF (IBIT), grew by $1 billion in just 35 minutes from the start of trading. He noted that the day after the elections it took even less time – only 20 minutes.