U.S. stocks continued their upward trend on Friday (11/8), with Tesla’s market value returning to $1 trillion. All three major U.S. stock indices reached new closing and intraday historical highs. Bitcoin has been hitting new highs daily since the end of the U.S. presidential election, reaching a peak of $77,199 last night, while Ethereum is attempting to challenge the $3,000 mark.
U.S. stocks hit new highs, Tesla soared over 31% in a week
The market absorbed the Federal Reserve’s outlook on future interest rate cuts, and the rally continued following Trump’s victory. This week, U.S. stocks experienced their best weekly performance so far this year, with the S&P 500 index briefly surpassing the 6,000 mark, posting a weekly gain of 4.66%. The Nasdaq rose by 5.74% for the week, and the Dow Jones increased by 4.61%.
Tesla (TSLA) shares surged 8.19% to $321.22 per share, with its market value exceeding $1 trillion, the first time since 2022. The stock’s weekly gain exceeded 31%, marking the best single-week performance since January 2023. U.S. business mogul Elon Musk’s strong support for Trump yielded significant results; his net worth skyrocketed by over $30 billion in just two days, reaching a total of $314 billion, solidifying his position as the world’s richest person.
BTC hits new highs daily, ETH challenges the $3,000 mark
Bitcoin has been hitting new highs daily since the end of the U.S. presidential election. Trump’s friendly stance towards cryptocurrencies, along with potential regulatory easing, has led to a collective rise in cryptocurrencies. Bitcoin set another all-time high last night, reaching $77,199, with a weekly gain close to 10%.
Although Ethereum is still far from its historical peak, it seems to be slowly catching up, breaking through the neckline position formed since early August, reaching a high of 2,995 this morning. With future policies expected to favor the regulation of the crypto industry, will Ethereum, with its greater niches and applications in Real-World Assets (RWA), find more catalysts to help it challenge its historical high of $4,868 in 2021?
Coinbase surged 50% in a week, MicroStrategy’s weekly gain nearly 20%
Cryptocurrency exchange Coinbase (stock symbol COIN) saw an astonishing weekly gain of 50%. Meanwhile, MicroStrategy, which positions itself as a Bitcoin development company (stock symbol MSTR), also saw a 19% weekly gain.