Nov 11, 2024 - Business

Bitcoin blows past $82,000 to new all-time high

Ben Berkowitz

Illustration of the Wall Street bull statue with a Bitcoin as an eye. — Illustration: Shoshana Gordon/Axios

Bitcoin's post-election rally gained steam on Monday, with the original cryptocurrency hitting a new all-time high above $82,000.

Why it matters: While bitcoin hit numeric all-time highs last week, adjusted for inflation the actual record was just north of $80,000.

Breaking that threshold became a key psychological indicator for those looking for a continued rally in the virtual currency.

By the numbers: Bitcoin traded at $82,321.76 as of 8am ET Monday, up 3% in the last day and 20% in the last week.

Zoom out: President-elect Trump's victory last week, combined with a victory for crypto evangelist Bernie Moreno in the Ohio Senate race, signaled a favorable environment for cryptocurrency in the coming years.

Sen. Cynthia Lummis immediately renewed plans for a national strategic bitcoin reserve.

The bottom line: Markets are betting on a strong chance for bitcoin to hit $100,000 by the end of this year, suggesting a rally with ongoing legs.

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Bitcoin blows past $82,000 to new all-time high

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