Bitcoin Breaks $85,000 Milestone

The price of bitcoin broke the $85,000 level Monday afternoon, marking a new milestone for the world's largest cryptocurrency by market capitalization.

Bitcoin reached $85,101 at 1:41 p.m. ET, according to The Block Prices. Its price continues to rise following the election of Donald Trump as the 47th president of the United States on Nov. 5.

Pro-crypto voters believed that if Trump won the presidency, bitcoin's price would increase. The cryptocurrency was breaking all-time highs even before his victory was declared official, first starting with $74,000 on Election Day evening. Bernstein analysts said bitcoin's price could reach up to $90,000 by January.

Bitcoin is not the only digital asset skyrocketing after Trump's win. The popular memecoin DOGE hit a price of $0.32 at 11:39 a.m. ET (16:49 UTC) on Nov. 11, rising 22.4% in the last 24 hours, amassing $24.4 billion in volume in that time.

DOGE joins Cardano (ADA) and Shiba Inu (SHIBA) in outperforming bitcoin over the past week, as previously reported by The Block.

The GMCI 30, representing the top 30 cryptocurrencies by market cap, is up 2.8% to 158.22.

Correction

Nov. 11 19:19 UTC: Removes mention of DOGE's previous all-time high.