Bitcoin (CRYPTO: $BTC) is trading above $80,000 U.S. on Aug. 27, propelled higher by a rally in technology stocks after blowout earnings from chipmaker Nvidia (NASDAQ: $NVDA).
The price of BTC was as high as $80,400 U.S. in afternoon trading, having risen 2.5% over the past 24 hours.
Bitcoin appears to be getting a boost alongside technology stocks, with the Nasdaq Composite (NASDAQ: $NDAQ) index up 305 points, or 1.15%, on the day.
The latest catalyst for a sharp run higher in both tech stocks and cryptocurrencies appears to be the quarterly financial results of Nvidia.
NVDA stock, which is bellwether for the artificial intelligence (A.I.) trade, is up 8% on the day after the maker of microchips and semiconductors reported strong financial results.
Nvidia announced that both its sales and profit in the second quarter doubled from a year earlier.
Management also gave bullish guidance, saying they expect 70% revenue growth next year. That far exceeds the 44% revenue growth that Wall Street had penciled in for the company.
Nvidia's quarterly print has revived investors' enthusiasm for the A.I. trade and technology stocks, with Bitcoin appearing to benefit from the upsurge in equities.
Bitcoin's latest gains build on a rally that began last week, sending the price of the largest cryptocurrency up more than 25% in a matter of days.
BTC had been trading below $65,000 U.S. a week ago before investors turned bullish on digital assets, reigniting the crypto trade.
Prior to this latest bull run, BTC had struggled since hitting an all-time high of $126,000 U.S. last October amid what analysts call a "crypto winter."