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Bitcoin hit an all-time high of $81,800 in early trading in Asia on Monday, Nov. 11, according to CoinGecko.
The move has culminated in a weekly gain of 18%, with the asset adding a whopping $14,000 since its Nov. 5 price of $67,500.
Most of those gains have come in the wake of Donald Trump’s landslide victory in the US presidential election last week.
Investors and Analysts Euphoric
BTC even gained $5,000 over the weekend when traditional markets are closed, and crypto trading is usually quiet. The latest pump means that Bitcoin has surged by 93% since the beginning of 2024 and a whopping 400% since its bear market low of $16,000 in November 2022.
On-chain analyst James Check said markets have now entered the “euphoria zone” as Bitcoin is in new price discovery. “The 8 months of chopsolidation allowed investors to acclimate to higher prices, forming a firm foundation for launch,” he added.
#Bitcoin has entered the Euphoria zone, by convincingly breaking through the previous cycles ATH
However, it is doing so with a relatively cooled down MVRV Ratio
The 8-months of chopsolidation allowed investors to acclimate to higher prices, forming a firm foundation for launch pic.twitter.com/Z2Rqc6tBgi
— _Checkmate ⚡☢️️ (@_Checkmatey_) November 10, 2024
Blockworks co-founder Jason Yanowitz said, “Euphoria officially began on November 5th with the presidential election,” adding that this was a “beautiful time.”
“Everyone is making money, but the grifters haven’t rushed in yet. Take moments to really enjoy this time, as it will be brief.”
Meanwhile, Chairman and CEO at Marathon Holdings, Fred Thiel, lamented the German government’s decision to sell BTC when it was around $53,000. He added that his company is hodling over 27,000 BTC, which is growing every day. “The BTC we purchased this year has appreciated very nicely thank you,” he said.
With bitcoin peaking around $80K new ATH today, I wonder how the officials in Germany feel about having sold their nearly 50,000 bitcoin at around $53K per BTC in July … hmmmm…that about a $1.3B difference.
Glad $MARA is HODLing over 27,000 BTC and growing every day!! The…
— Fred Thiel (@fgthiel) November 10, 2024
“A strong bull market driven by spot and fundamentals can run on high leverage while seeing regular levered flushes,” said economist Alex Krüger on Nov. 11, who observed “absurd levels” of relentless Bitcoin spot buying from Coinbase.
Total Cap Hits Cycle High
Bitcoin’s continued surge has pushed total crypto market capitalization to $2.92 trillion, its highest level since the November 2021 bull market peak when it topped $3 trillion briefly.
While many of the altcoins have surged, Bitcoin’s market share still remains dominant at over 59%, according to Tradingview. This means that altseason has yet to start despite double-digit gains for many altcoins over the weekend.
Today’s top performers are dominated by memecoins, including DOGE, WIF, FLOKI, and SHIB, all cranking more than 20% over the past 24 hours.