This Weeks Market Review Bitcoin Hits Consecutive Record Highs Teslas Market Cap Returns to One Trillion Dollars
U.S. stocks continued their rally on Friday (November 8), with Tesla’s market value returning to $1 trillion. All three major U.S. stock indices reached new intraday and closing highs. Bitcoin set new records daily since the end of the U.S. presidential election, reaching a peak of $77,199 last night, while Ethereum attempted to challenge the $3,000 threshold.
U.S. Stocks Hit New Highs, Tesla Soars Over 31% in a Week
The market digested the Federal Reserve’s outlook on future interest rate cuts, and the rally continued after Trump’s election victory. This week, U.S. stocks experienced their best weekly performance of the year, with the S&P 500 index briefly surpassing the 6,000 mark and posting a weekly gain of 4.66%. The Nasdaq surged 5.74% for the week, and the Dow Jones also climbed 4.61% over the same period.
Tesla (TSLA) shares surged 8.19% to $321.22 per share, with its market value surpassing $1 trillion for the first time since 2022. The stock rose over 31% this week, marking its best weekly performance since January 2023. American business magnate Elon Musk’s strong support for Trump paid off handsomely, with his net worth skyrocketing by more than $30 billion in just two days, reaching a total net worth of $314 billion, solidifying his position as the world’s richest person.
BTC Sets New Highs Daily, ETH Challenges the 3,000 Mark
Bitcoin has been setting new highs daily since the conclusion of the U.S. presidential election. Trump’s friendliness towards cryptocurrencies and potential regulatory easing have led to a broad rise in cryptocurrencies. Bitcoin reached another all-time high last night, hitting $77,199, with a weekly gain of nearly 10%.
Although Ethereum is still far from its historical peak, recent signs suggest it is slowly catching up, having broken through the neckline position established in early August. It reached a peak of 2,995 this morning. With favorable future policies expected to benefit the crypto industry, could Ethereum, which has more niches and applications in Real World Assets (RWA), find more catalysts to help it challenge its 2021 historical high of $4,868?
Coinbase Surges 50% in a Week, MicroStrategy Gains Nearly 20%
Cryptocurrency exchange Coinbase (ticker symbol COIN) posted an astonishing weekly gain of 50%. Meanwhile, MicroStrategy (ticker symbol MSTR), which prides itself as a Bitcoin development company, also saw a 19% increase for the week.
