The Bit market continues to rise! Bit surged $8,000 at the US stock market open, reaching a high of $89,530, approaching the $90,000 mark, with a daily surge of over 10%.
Crypto Market Cap Hits New High
This has driven the crypto market cap to a new high. CoinGecko data shows that the total crypto market cap reached $3.114 trillion, up 6.3% in the last 24 hours, surpassing the previous high of $3.069 trillion in November 2021, reaching a new milestone.
Among them, Bit's market cap accounts for 60% of the entire crypto market (BTC.D), at the highest level since April 2021. The market currently expects Bit to consolidate at high levels and the BTC.D market cap ratio to decline, so that the long-awaited altcoin season can return.
Tether Mints 2 Billion USDT in Advance
The good news is that the on-chain monitoring account Whale Alert has detected that the Tether Treasury minted 2 billion USDT on Ethereum around 1:07 AM today.
Although Tether CEO Paolo Ardoino commented: "Please note that this transaction is authorized but not yet issued, meaning that this amount will be used for future issuance demands and cross-chain swaps." In other words, this 2 billion USDT is not immediately flowing into the market, but is a pre-prepared inventory. However, the mere existence of pre-prepared demand suggests that the influx of funds into the crypto market is expected to increase.
Coincidentally, Whale Alert also detected the USDC Treasury minting over 50 million USDC on the Ethereum chain last night, which undoubtedly increases confidence that the crypto market rally will continue.
PSA: 2B USDt inventory replenish on Ethereum Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.
Also context: https://t.co/3Ps3qUxsBq
— Paolo Ardoino
(@paoloardoino) November 11, 2024
US Stock Indices Hit New Highs Again
At the same time, the three major US stock indices hit new highs with a slight increase, with Tesla continuing to rise 8.96%, reaching a total market value of $1.1 trillion, surpassing TSMC and Alphabet, and becoming the sixth largest stock in the US:
- The Dow Jones Industrial Average rose 304.14 points or 0.69% to close at 44,293.13 points
- The S&P 500 index rose 5.81 points or 0.1% to close at 6,001.35 points
- The Nasdaq Composite index rose 11.99 points or 0.06% to close at 19,298.76 points
- The Philadelphia Semiconductor Index fell 134.13 points or 2.54% to close at 5,156.39 points
Crypto concept stocks also saw a big surge, including:
- Canaan, a manufacturer of ASIC miners: up 41%
- MicroStrategy, the largest Bit holder: up 25%, with the stock price soaring to a new high of over $340
- Coinbase, the largest crypto exchange in the US: up 19%
