Bitcoin quickly shrugged off the immediate losses prompted by the Democratic sweep in the midterms and skyrocketed to a weekly high of $81,000, where it was finally halted.
Most altcoins followed suit, with ETH reclaiming $2,400 and XRP surging past $1.30. Interestingly, HYPE, TRX, XMR, and RAIN have failed to join the ride.
<h2 id="btc-above-80k">BTC Above $80K</h2>
The primary cryptocurrency tanked hard at the end of the previous business week following the largest hack in the crypto industry in USD terms. It traded at around $81,000 before the bears drove it south to $76,400 first and then to $76,100. The bulls finally intervened after this major leg down, helping BTC recover some ground over the weekend to around $78,000.
Monday morning began with another minor rally to $79,000, where the bears reemerged again and rejected bitcoin’s mild progress. Shortly after, the asset dipped to $76,400. As the midterms approached, the cryptocurrency regained some traction and tapped $78,000 again.
However, the clear and decisive victory for the Democrats <a href="https://cryptopotato.com/democrats-sweep-us-midterms-as-bitcoin-falls-below-77k/" rel="noopener noreferrer nofollow">resulted</a> in a massive nosedive for BTC, which tumbled to a seven-week low of $75,600. Once the uncertainty faded, though, bitcoin <a href="https://cryptopotato.com/zec-explodes-by-13-daily-as-btc-price-reclaims-78k-after-midterm-elections-market-watch/" rel="noopener noreferrer nofollow">rallied</a> hard and jumped to $78,000 almost immediately. It flew further when US trading hours began yesterday, and rocketed to $81,000, leaving $380 million in shorts <a href="https://cryptopotato.com/380m-in-shorts-liqudated-in-an-hour-as-bitcoin-btc-skyrockets-to-81k/" rel="noopener noreferrer nofollow">liquidated</a> in just an hour.
Although it was stopped there, BTC continues to trade above $80,000 as of press time. Its market capitalization has rebounded to $1.610 trillion on CMC, while its dominance over the alts is above 60% again.
<figure style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2026/11/BTCUSD-November-5.png" rel="noopener noreferrer nofollow"><img src="https://cryptopotato.com/wp-content/uploads/2026/11/BTCUSD-November-5.png" alt="BTCUSD November 5. Source: TradingView" width="1835" height="917"></a>
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 BTCUSD November 5. Source: TradingView
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</figure>
<h2 id="trump-tanks-again">TRUMP Tanks (Again)</h2>
Perhaps as expected given the election results, the official meme coin linked to the US President was among the poorest performers yesterday, <a href="https://cryptopotato.com/official-trump-trump-drops-to-a-3-month-low-following-the-democrats-victory-details/" rel="noopener noreferrer nofollow">dumping</a> to a 3-month low. The situation hasn’t improved much, as TRUMP is down by another 15% on a 24-hour scale today.
Meanwhile, Ethereum has risen past $2,400 after dipping to $2,100 after the midterms, while XRP has jumped to $1.32 as of press time. SOL is still under $100 despite its 3.7% daily increase. LINK, ADA, LTC, CRO, BCH, CC, and TAO are also well in the green.
In contrast, HYPE has slumped by nearly 4% to $83, while TRX, XMR, and RAIN are slightly in the red.
The total crypto market cap has increased by 2.3% in a day, and it’s up to $2.690 trillion on CMC.
<figure style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2026/11/Screenshot-2026-11-05-113822.png" rel="noopener noreferrer nofollow"><img src="https://cryptopotato.com/wp-content/uploads/2026/11/Screenshot-2026-11-05-113822.png" alt="Cryptocurrency Market Overview November 5. Source: QuantifyCrypto" width="1884" height="828"></a>
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 Cryptocurrency Market Overview November 5. Source: QuantifyCrypto
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The post <a href="https://cryptopotato.com/bitcoin-soars-past-80k-official-trump-trump-tanks-by-another-15-market-watch/" rel="noopener noreferrer nofollow">Bitcoin Soars Past $80K, Official Trump (TRUMP) Tanks by Another 15%: Market Watch</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin Soars Past $80K, Official Trump (TRUMP) Tanks by Another 15%: Market Watch

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