Bitcoin Tops $88K, Catapulting MicroStrategy to 24-Year Record Amid Supercharged Crypto Rally

The crypto rally shows no signs of slowing after a week since the U.S. elections.

Bitcoin {{BTC}} on Monday continued to climb to new all-time highs, blasting through the $88,000 level during U.S. trading hours, adding another 11.3% to its gains in the past 24 hours. The largest and oldest crypto's latest all-time high was $88,448, per CoinDesk Bitcoin Index (XBX) data. Its market capitalization currently stands around $1.73 trillion, surpassing silver's, according to Infinite Market Cap data. The flip happened at least once this year, fueled by continued positive sentiment around the spot exchange-traded funds (ETFs) in March.

BTC led the market higher, as the broad-market benchmark CoinDesk 20 Index (CD20) lagged with a respectable 7.9% advance during the same period. Ethereum's ether {{ETH}} was up 6.4% surpassing $3,300, while solana {{SOL}} topped $220 with a 6.7% gain.

Native tokens of Aptos {{APT}}, Near {{NEAR}} and Render {{RNDR}} were the best-performing constituents of the CD20 index, surging 18%-25%.

Crypto-related stocks jumped double-digit percentages at the opening due to the weekend crypto rally, and climbed even more during the day. Crypto exchange Coinbase's (COIN) shares closed the session almost 20% up, topping $320 for the first time since November 2021. Bitcoin miners MARA Holdings (MARA), CleanSpark (CLSK) and Hut 8 (HUT) booked 25%-30% gains.

MicroStrategy (MSTR), the Nasdaq-listed software company with the largest corporate bitcoin treasury , melted up 25%, closing the day at a new all-time high price of $340, overcoming its 24-year old record from the dotcom bubble era. The company announced on Monday that it acquired 27,200 BTC, bringing its total holdings to 279,420 bitcoin, worth about $24.5 billion at current price.

Read more: Michael Saylor Lost Big in the Dot-Com Bubble and Bitcoin's Crash. Now He Aims to Rebound Again

Cryptocurrency prices exploded higher since Donald Trump's U.S. election victory on Tuesday as investors anticipate a friendlier approach towards digital assets during his presidency with Republicans looking increasingly likely to take control of both houses of the legislation. Bitcoin gained 27% in a week, while many altcoins surged double or triple of that.