Bitcoin climbs above $84,000 as it continues to hit new all-time highs following the result of the U.S. elections.
Gold and the so-called magnificent seven tech stocks are underperforming.
Bitcoin (BTC) climbed above $84,000 Monday as it extended its rally following Donald Trump’s victory in the Nov. 5 U.S. presidential election.
The largest cryptocurrency by market capitalization continues to hit all-time highs, which shows a strong uptrend. In the past week alone, bitcoin has added almost $20,000 from its Nov. 6 low of $66,700.
The interesting part is that the so-called magnificent seven tech stocks are underperforming. Apple (AAPL), NVIDIA (NVDA), Amazon (AMZN), Microsoft (MSFT) and META (META) are all down on the day, while Google (GOOGL) is slightly up. Tesla, holding 9,720 BTC, has added 9%. Gold is down 2%.
This could be a rotation from tech stocks and gold into cryptocurrencies as the market awaits Trump’s entry into the White House early next year. His campaign emphasized his support for cryptocurrencies.
In addition, according to Senior Bloomberg analyst Eric Balchunas, iShares Bitcoin Trust ETF (IBIT) saw $1 billion in volume in the first 35 minutes of trading.
“Day after election it did that in 20minutes, so a bit less than last Wednesday but still pretty intense. Pretty good early indicator of strong inflows this week”, according to Balchunas.