Bitcoin price hits $85,000 amid massive rally following Trump victory

The price of bitcoin broke the $85,000 level Monday afternoon, marking a new milestone for the world's largest cryptocurrency by market capitalization.

Bitcoin reached $85,101 at 1:41 p.m. ET, according to The Block Prices . Bitcoin's price continues to rise following the election of Donald Trump as the 47th president of the United States on Nov. 5.

Pro-crypto voters bet that if Trump won the presidency, bitcoin's price would increase. The cryptocurrency has been breaking all-time highs even before his victory was declared official, first starting with $74,000 on Election Day evening. Bernstein analysts said bitcoin's price could reach up to $90,000 by January.

Bitcoin is not the only digital asset ballooning after Trump's win. The popular memecoin DOGE hit a price of $0.32 at 11:39 a.m. ET (16:49 UTC) on Nov. 11, rising 22.4% in the last 24 hours and amassing $24.4 billion in volume in that time.

DOGE joins cardano (ADA) and shiba inu (SHIBA) in outperforming bitcoin in the past seven days,  The Block previously reported.

The GMCI 30 , which represents the top 30 cryptocurrencies by market cap, is up 2.8% to 158.22.

 Correction: Nov. 11 19:19 UTC: Removes mention of DOGE's previous all-time high.