Bitcoin in ‘Euphoria Zone’ Hits ATH of $81,800 After $14,000 Weekly Gain
Bitcoin hit an all-time high of $81,800 in early trading in Asia on November 11, resulting in a weekly gain of 18%. The asset added $14,000 since its Nov. 5 price of $67,500. Most of these gains have come in the wake of Donald Trump's landslide victory in the US presidential election last week. 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.
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On-chain analyst James Check said markets have entered the "euphoria zone" as Bitcoin is in new price discovery. Marathon Holdings CEO Fred Thiel lamented the German government's decision to sell BTC when it was around $53,000, but his company is hodling over 27,000 BTC, which is growing every day. Bitcoin's continued surge has pushed total crypto market capitalization to $2.92 trillion, its highest level since the November 2021 bull market peak.
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