Bitcoin in ‘euphoria zone’ hits $81,800 ATH after weekly gains of $14,000

Bitcoin hit an all-time high of $81,800 in early trading in Asia on Monday, November 11, according to CoinGecko.

The move has capped a weekly gain of 18%, with the asset adding $14,000 from its November 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.

Euphoric investors and analysts

BTC even gained $5,000 over the weekend when traditional markets are closed and crypto trading is usually quiet. The latest bombshell means Bitcoin is up 93% since the start of 2024 and 400% since its November 2022 bear market low of $16,000.

Chain analyst James Check said that the markets have now entered the “euphoria zone” as Bitcoin is in new price discovery. “The 8 months of consolidation allowed investors to acclimate to higher prices, forming a firm foundation for the launch,” he added.

#Bitcoin has entered the Euphoria zone, convincingly breaking the previous ATH cycles

However, it is doing so with a relatively low MVRV ratio

The 8 months of consolidation allowed investors to acclimate to higher prices, forming a firm foundation for the launch. pic.twitter.com/Z2Rqc6tBgi

— _Chess and checkmate ⚡☢️️ (@_Escacmatey_) November 10, 2024

Blockworks co-founder Jason Yanowitz said, “The euphoria officially started on November 5th with the presidential election,” adding that it was a “beautiful time.”

“Everyone is making money, but the scammers haven’t rushed in yet. Take a few moments to really enjoy this time, as it will be short.”

Meanwhile, Marathon Holdings chairman and CEO Fred Thiel lamented the German government’s decision to sell BTC when it was around $53,000. He added that his company has more than 27,000 BTC, which is growing every day. “The BTC we bought this year has appreciated very well thanks,” he said.

With bitcoin reaching around $80,000 new ATH today, I wonder how the officials in Germany feel about selling their almost 50,000 bitcoins at around $53,000 per BTC in July…hmmmm…that’s a difference of $1.3 million.

happy $MARA is accumulating more than 27,000 BTC and growing every day!! The…

— Fred Thiel (@fgthiel) November 10, 2024

“A strong bull market driven by points and fundamentals can run on high leverage while seeing regular leverage flows,” economist Alex Krüger said on Nov. 11, noting “absurd levels” of relentless buying in Bitcoin on Coinbase.

Total maximum hit cycle

Bitcoin’s continued rise has pushed the total crypto market capitalization to $2.92 trillion, its highest level since the November 2021 bull market peak, when it briefly topped $3 trillion.

While many of the altcoins have risen, Bitcoin’s market share remains dominant at over 59%, according to Tradingview. This means that the altseason hasn’t started yet despite the double-digit gains of many altcoins over the weekend.

Today’s top performers are dominated by memecoins including DOGE, WIF, FLOKI, and SHIB, which are up more than 20% over the past 24 hours.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!