Bitcoin continues to surpass $77,000, gaining points for the 4th consecutive day and setting a new ATH yesterday.
The stock market rose sharply, setting new records on Friday, as the Dow Jones and S&P 500 closed out their best week in a year after Donald Trump's victory.
The Dow Jones index jumped 259.65 points, or 0.59%, to close at 43,988.99. This blue-chip index traded above 44,000 for the first time in the session. The S&P 500 rose 0.38% to close at 5,995.54, after briefly trading above 6,000 to reach an important milestone of its own. The technology-heavy Nasdaq Composite lagged behind, rising only 0.09% to 19,286.78, but also set a record high for the day.
All three major indexes ended the week at record closing levels.
It was a powerful week for stocks, largely due to the sharp rise on Wednesday after Trump's victory. The S&P 500 jumped 4.66% for the week, while the Dow gained 4.61%. Both indexes recorded their best week since November 2023. The Nasdaq even surpassed these moves, soaring 5.74%, while the small-cap Russell 2000 index jumped 8.57%.
"Stocks are eagerly pricing in Trump's domestic growth policies and hopes for easier regulation compared to the Biden administration," Barclays strategist Venu Krishna said in a note to clients.
Overall, investors see a Republican-controlled government as more favorable, with expectations of deregulation, more potential mergers and acquisitions, and tax cut proposals. However, concerns about a large federal deficit and tariffs have also raised inflation worries.
Some Trump-related stocks performed well on Friday. Tesla, the company whose CEO Elon Musk campaigned with the president-elect, jumped 8.2% and is on track for a fourth straight session of gains. The automaker's market capitalization has now surpassed $1 trillion. Axon Enterprises stock rose more than 28% after the company raised its full-year revenue forecast. Trump Media surged 15% after the president-elect said he had no plans to sell his shares in the media company.
Stocks were also boosted this week by the Federal Reserve, which cut interest rates by a quarter percentage point on Thursday. Fed Chair Jerome Powell said he "feels good" about the economy in a subsequent press conference.
While some on Wall Street are concerned about the market's valuation, the strength of this week's move has reinforced the belief that the market can continue to rise further in the final months of the year.
Bit continued its price rally for the 4th consecutive day with a slight gain of nearly 1%. On a weekly timeframe, the top asset has surged more than 11%.
BTC is still maintaining its upward momentum following Trump's victory in the US presidential election.
The market briefly surpassed $77,000, setting a new ATH at $77,199 before slightly retreating to around $76,300 currently.
The Altcoin market is continuing its previous growth trend.
MultiversX (EGLD), Cronos (CRO), Polygon (POL) are the three projects with the best performance in the last 24 hours, all rising more than 10%.
Other major projects such as Internet Computer (ICP), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Algorand (ALGO), ZCash (ZEC), Celestia (TIA), Hedera (HBAR), Dogecoin (DOGE), Cosmos (ATOM), Injective (INJ), Sei (SEI), Polkadot (DOT), Nexo (NEXO), Flare (FLR) have increased by 3-8%.
On the flip side, after a strong rally, Goatseus Maximus (GOAT) has shown signs of correction, losing around 12% in value compared to the previous day.
Ethereum (ETH) extended its upward trend for the 4th consecutive day as the bulls continuously pushed the price close to the psychological level of $3,000.
Currently, ETH is trading around $2,977, up nearly 2% from 24 hours ago and 21% over the past week.
You can view the coin prices here.
The "Coin Prices Today" section will be updated at 9:30 AM daily with a summary of market news, please follow.
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Viet Cuong
Bitcoin Magazine
