Author: Joy, PANews
After 3 years, with the help of the new high in Bitcoin, the global cryptocurrency market capitalization reached $3.11 trillion on November 12, up 6.8% in the past 24 hours, breaking the previous high of $3.069 trillion on November 9, 2021. Currently, Bitcoin's market share is 56.3%, and Ethereum's is 13%.
"Coin Eater"MicroStrategyBuys$2BillionBTC
On the evening of November 11, after MicroStrategy (a US-listed company) announced another purchase of Bitcoin, Bitcoin began to rise rapidly, rising from $82,000 and reaching a new high of $89,000 this morning at 7 am.
MicroStrategy's purchase announcement stated that it purchased 27,200 bitcoins for approximately $2.03 billion between October 31 and November 10, at an average price of about $74,463 per bitcoin. The funds for this purchase came from the company's ATM stock sale activities. Currently, MicroStrategy's total holdings have reached 279,420 bitcoins, with a total purchase cost of approximately $11.9 billion and an average purchase price of about $42,692 per bitcoin. Based on a Bitcoin price of $89,000, MicroStrategy's Bitcoin holdings have an unrealized gain of approximately $12.9 billion.
MicroStrategy's stock price also hit a new high of $340 on November 11, up 25.73% for the day. Bloomberg senior ETF analyst Eric Balchunas posted on X that MicroStrategy's daily trading volume hit a record $12 billion, six times the trading volume of JPMorgan Chase or General Electric.
With the rise of Bitcoin, the cryptocurrency market is generally rising, and the current global cryptocurrency market capitalization is about $3.11 trillion, up 6.8% in the past 24 hours, breaking the previous high of $3.069 trillion on November 9, 2021. Currently, Bitcoin's market share is 56.3%, Ethereum's is 13%, and the 24-hour cryptocurrency trading volume is about $355.68 billion.
Tether Accelerates Printing, Analysis Firms Remain Bullish
In the midst of the market frenzy, the "Federal Reserve" of the crypto world has also turned on the printing press.
Around 01:07 am Beijing time, Tether Treasury minted 20 million new USDT on Ethereum. Tether CEO Paolo Ardoino stated that this is an authorized but unissued transaction, meaning it will be used as inventory for the next issuance request and on-chain exchange. According to EMC Labs statistics, stablecoins grew by $4.776 billion last week.
Bernstein analysts released a bullish report after the US election, encouraging investors to quickly increase their exposure to the crypto industry. Bitcoin broke through $80,000 to hit a new high after Trump's victory. Bernstein research head Gautam Chhugani said the Trump administration is expected to take a pro-crypto policy or appoint a new SEC chairman, which could create a more friendly regulatory environment for the industry.
The report recommends that investors focus on spot Bitcoin and Ethereum ETFs, publicly traded Bitcoin mining companies, companies holding Bitcoin, and crypto trading platforms (such as Robinhood and Coinbase). In addition, Bernstein expects Bitcoin to reach $200,000 by the end of 2025 and recommends that investors buy BTC, ETH, SOL, and other major digital assets.
Geoff Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, also predicts that Bitcoin will continue to rise until the end of this year, "easily reaching" $100,000 before certain Bitcoin options expire on December 27. It is reported that this analyst successfully predicted Bitcoin reaching $80,000 before the US presidential election.
Kendrick said in an email last Sunday: "I predict the Bitcoin price will reach $125,000 by the end of the year, which is the next level, although I note that many Trump-related trades peaked around the inauguration on January 20 after the 2016 election... So if Bitcoin doesn't reach $125,000 by December 31, I think it will reach that level by January 20."
Kendrick further predicted that given the recent gains in Ethereum and Solana, the rise in Bitcoin prices is likely to "benefit all investors," and the performance of some tokens may exceed Bitcoin. Kendrick wrote: "It seems inevitable that SOL will hit a new all-time high (the $260 record high in November 2021) by the end of this year. ETH reaching a new all-time high (the $4,866 record high in November 2021) may have to wait until around the inauguration, but overall we believe these assets will continue to rise, with SOL potentially performing the best."
Crypto fund management firm EMC Labs said in its "EMC Bitcoin Weekly Observation" released this week that with the US election settled and the US stock market seeing a significant rise, traders are betting on the certainty of increased profits for US companies under a low-interest rate environment, and the US stock market is expected to continue rising in the medium to long term. Against this backdrop, BTC ETF inflows were $1.728 billion in a single week, and the inflows of the newly launched stablecoin channels were $4.776 billion, totaling $6.504 billion, the largest single-week inflows since 2024. Last week, BTC has broken through the $73,000 new high consolidation area and the $75,000 uptrend line resistance, returning to the uptrend line after 8 months. Driven by ample liquidity, BTC is expected to continue rising, and Altcoins are also expected to see a broad-based rally.
