Bitcoin hit $87,000 in a sustained post-election rally toward new frontiers.

Bitcoin (BTC) reached a new high on November 11, breaking several new price levels throughout the day. The furious rally on post-election price discovery continued, hitting a record high of $87,450.

As of press time, the leading cryptocurrency is trading at $87,169, up nearly 10% in the day and around 25% since Donald Trump was declared the winner of the 2024 US election on November 6.

Bitcoin’s surge also led to a broader market rally, with many altcoins reaching regional highs and some reaching price discovery alongside Bitcoin.

Some speculate that this surge is a sign that retail is returning to the market. But Coinbase is well below the top 10 apps on iOS, while searches for “Bitcoin” on Google are well below the levels reached at the peak of the 2021 bull run.

Analysts believe the current surge is mostly an aftereffect of the “Trump trade” and is largely driven by people “FOMOing” into Bitcoin after selling at previous highs in anticipation of a reversal.

Dogecoin (DOGE) has seen an even more impressive rise since the election due to Elon Musk’s involvement in the Trump administration and his historic support for memecoins.

DOGE is trading at $0.33 at press time, up 47% in the last 24 hours and its highest price since 2021. that memecoin is one of the strongest performers in the top 10, after rising 121% over the past week and nearly 190% over the past month.

According to DefiLlama, BTC is up nearly 38% each month. strong correlation Using the Pearson coefficient, it is 0.97 points. The Pearson coefficient varies from -1 to 1, where 1 is the maximum positive correlation between two variables, so DOGE is likely to increase when BTC does.

Ethereum (ETH) also performed well amid market optimism, rising 6.5% over the past 24 hours to $3,328.29, the highest since August 3.

However, given Bitcoin’s strong performance, the ETH/BTC pair is down 3.6% to 0.3816 BTC, but still above its all-time low on November 3.

Meanwhile, Solana (SOL) broke the local record at $223.6, the highest since December 2021, and its market capitalization reached an all-time high of $104.4 billion.

Cryptocurrency-related stocks are also showing notable performance in the U.S. stock market. MicroStrategy’s MSTR hit an all-time high of $340.31 in nearly 25 years following a 24.5% price increase.

Additionally, Coinbase’s COIN rose 22.1% daily, reaching a price of $330.59, surpassing $300 for the first time since November 2021. COIN stock price is less than 3.6% below its all-time high registered on November 12, 2021.

Meanwhile, the S&P 500 and NASDAQ are currently showing little price movement, making COIN and MSTR performance more important.

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