Bitcoin continues its upward trajectory following the success of Donald Trump in the US presidential election

Bitcoin continues its upward momentum following Donald Trump's victory in the US presidential election on November 5. The sector's leading cryptocurrency by market capitalization hit another record high, reflecting a strong bullish trend

In just one week, BTC jumped nearly $20,000 from its low of $66,700 on November 6, to $85,727 at the time of writing the article.

This reflects a 6% intraday and 26.7% weekly gain, with Bitcoin's market capitalization at $1.69 trillion.

Meanwhile, major tech stocks, often referred to as the "Magnificent Seven," showed mixed results. Apple, NVIDIA, Amazon, Microsoft and Meta reported losses, while Google saw a slight increase and Tesla, with 9,720 BTC in its portfolio, registered a 9.6% increase. Gold dropped almost 3%.

This shift could mean a move away from tech and gold investments in favour of cryptocurrencies, potentially triggered by Trump's pro-crypto stance that was a cornerstone of his campaign, as the market anticipates his return to office early next year.