Bitcoin surges to $89,500, crypto market cap sets new ATH
The crypto market has continued to grow strongly in the past 12 hours thanks to Bitcoin's relentless momentum.
A new ATH every day has become a familiar thing for Bitcoin since the US presidential election results were finalized on November 6.
Since then, BTC price has increased from $68,800 to a peak in the early morning of November 12 at $89,530, equivalent to 30.1%. This also marks the 2nd anniversary of FTX's bankruptcy, bringing BTC to $15,500.
BTC's pump is so strong that people can easily share images of BTC increasing by $1,000 every hour as below.
Today has been a vibe @coingecko pic.twitter.com/YpvWyjgUif
— Nic Cary (@niccary) November 12, 2024
BITCOIN'S PRICE TODAY IN ONE IMAGE 🔥🔥 pic.twitter.com/hVZYXymFrI
— Tim Copeland (@Timccopeland) November 11, 2024
This is also said to be the largest single-day increase (UTC time) in BTC's 15-year history.
Bitcoin closes Monday up $8.3K, +$164B for largest increase ever pic.twitter.com/s7UcPUPq8V
— Velo (@velo_xyz) November 12, 2024
It can be seen that the optimistic sentiment of financial and crypto investors is extremely excited after the victory of Mr. Donald Trump, who is predicted to have many new policies more open to cryptocurrencies after taking office as US President.
The altcoin segment also benefits, with many top coins such as ETH, SOL, BNB, ... also increasing strongly in recent days, although they have not been able to set a new record peak like Bitcoin.
According to CoinGecko statistics, the total market capitalization of cryptocurrencies this morning reached 3.12 trillion USD, officially breaking the record of 3.07 trillion USD in November 2021.
BTC's market cap is now $1.75 trillion, surpassing silver to become the world's 7th most valuable asset.
Perfect way to end the largest day in BTC history:
Bitcoin has officially flipped Silver. pic.twitter.com/gxxBzVi5CG
— Yano 🟪 (@JasonYanowitz) November 12, 2024
Tether also printed another $2 billion on the Ethereum chain early this morning, raising the stablecoin USDT's market cap to a new high of $124 billion. The total stablecoin market cap is now $179 billion, moving closer to the record of $187 billion set in early May 2022, before the LUNA - UST crash.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 2,000,000,000 #USDT ($2,000,555,420) minted at Tether Treasuryhttps://t.co/YA2vbCTGBx
— Whale Alert (@whale_alert) November 11, 2024
Not limited to the crypto industry, the cryptocurrency market's rally has also spread to public US companies with ties to the sector. Shares of MicroStrategy's MSTR, which announced an additional $2 billion in Bitcoin on the evening of November 11, surged to $340 in the same trading session, surpassing the peak from 2000.
Coinbase's COIN shares closed at $333, the highest since November 2021, up 80% since November 6.
According to Bloomberg ETF analyst Eric Balchunas, the trading volume of BlackRock's IBIT fund shares continued to set a new record of $4.5 billion on November 11, signaling that there will be a huge new inflow of money into this fund, similar to what happened on November 7 with an inflow of over $1 billion. The volume of the Bitcoin ETF when combined with MSTR and COIN reached $38 billion.
The Bitcoin Industrial Complex (ETFs + MSTR, COIN) saw $38b in trading volume today, lifetime records being set all over the place, including $IBIT which did $4.5b, which points to a robust week of inflows. Just an insane day, it really deserves a name a la Volmageddon pic.twitter.com/rcOLs0MhNF
— Eric Balchunas (@EricBalchunas) November 11, 2024
Over the past 24 hours, over $655 million in derivatives liquidations have occurred, of which 57.5% were shorts.
