Bitcoin (BTC) broke several new price levels throughout the day on November 11, reaching a new all-time high of $87,450 as it continues its meteoric post-election rally towards price discovery.
At press time, the flagship crypto was trading at $87,169, up nearly 10% for the day and about 25% since Donald Trump was declared the winner of the 2024 US election on November 6 .
Bitcoin’s rise has also led to a broader market rally, with many altcoins hitting new local highs and some reaching price discovery with Bitcoin.
Some believe this increase is a sign of a return of retail to the market. However, Coinbase remains far from the top 10 apps on iOS, while Google searches for “Bitcoin” remain well below levels seen during the height of the 2021 bull run.
Analysts believe that the current rise is mainly due to the aftereffects of the “Trump trade” and primarily driven by people “FOMO-ing” back into Bitcoin after selling at previous highs in anticipation of a reversal.
Dogecoin (DOGE) has shown an even more impressive rise since the election due to Elon Musk’s involvement in the Trump administration and his historic support for memecoin.
DOGE was trading at $0.33 at press time, up 47% in the last 24 hours and the highest price seen since 2021. THE memecoin was one of the top performers in the top 10 after surging 121% over the past week and nearly 190% over the past month.
According to DefiLlama, BTC is up almost 38% monthly and showing a strong correlation of 0.97 points with the Pearson coefficient. Since the Pearson coefficient ranges from -1 to 1, where 1 is the maximum positive correlation between two variables, DOGE will likely increase when BTC rises.
Ethereum (ETH) also performed well amid market optimism, climbing 6.5% over the past 24 hours to $3,328.29, the highest level since August 3.
However, given Bitcoin’s strong performance, the ETH/BTC pair is down 3.6% at 0.3816 BTC, but above the all-time low reached on November 3.
Meanwhile, Solana (SOL) hit a new local high at $223.6, its highest since December 2021, while its market capitalization hit a new all-time high at $104.4 billion.
In the US stock market, stocks linked to cryptocurrencies are also performing exceptionally well. MicroStrategy’s MSTR recorded a new all-time high after nearly 25 years at $340.31, following a 24.5% price increase.
Additionally, Coinbase’s COIN is up 22.1% daily, priced at $330.59, the first time above $300 since November 2021. COIN shares are 3.6% lower than their all-time high recorded on November 12, 2021.
Meanwhile, the S&P 500 and Nasdaq indexes showed virtually no price movement today, making COIN and MSTR’s performance even more significant.
Bitcoin Market Data
At the time of going to press 9:12 p.m. UTC November 11, 2024Bitcoin is ranked #1 in terms of market capitalization and the price is up 10.55% in the last 24 hours. Bitcoin has a market capitalization of $1.72 trillion with a 24-hour trading volume of $105.45 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of going to press 9:12 p.m. UTC November 11, 2024the total crypto market is valued at $2.93 trillion with a 24 hour volume of $264.2 billion. Bitcoin dominance is currently at 58.80%. Learn more about the cryptocurrency market ›
