Bitcoin continues to rise to a new record high, surpassing the $89,000 threshold at 6:00 AM this morning, November 12, up 11.4% in the past 24 hours.
According to data from Coingecko, the new record high of this largest and oldest cryptocurrency reached $89,600. The current market capitalization of BTC is around $1.77 trillion, surpassing the value of silver. This change has occurred at least once this year, driven by the positive sentiment surrounding Bitcoin ETF funds since March.
BTC is leading the market, with major altcoins also recording significant gains during the same period. Ethereum (ETH) rose 5.5% to surpass $3,300, while Solana (SOL) crossed the $220 mark with a 6.7% increase.
The native tokens of Aptos (APT), Near (NEAR), Dogecoin (DOGE) and Render (RNDR) are the best performing components, increasing from 18% to 25%.
Cryptocurrency-related stocks have surged strongly at the open due to the weekend price rally and continued to escalate during the day. Shares of cryptocurrency exchange Coinbase (COIN) closed up nearly 20%, reaching $320 for the first time since November 2021. Bitcoin mining companies like MARA Holdings (MARA), CleanSpark (CLSK) and Hut 8 (HUT) all recorded gains of 25% to 30%.
MicroStrategy (MSTR), the Nasdaq-listed software company with the largest Bitcoin treasury, rose 25%, ending the day at a new all-time high of $340, surpassing the 24-year record from the dotcom bubble era. The company announced on Monday that it had purchased an additional 27,200 BTC, bringing its total holdings to 279,420 Bit, worth around $24.5 billion at current prices. In total, they are making a profit of $13 billion.
Cryptocurrency prices have surged since Donald Trump's victory in the US presidential election on November 5, as investors expect a more friendly policy towards digital assets during his term, with the possibility of a Republican-controlled Congress. Bit has risen 27% in a week, while many altcoins have doubled or tripled.
"The market may look exuberant to some, but please understand that we have just transitioned from a repressive regime to an evidently friendly one overnight," Sean Farrell, head of digital asset strategy at Fundstrat, wrote on X on Monday. "The charts have the right to express exponential returns here."
Susannah Streeter, head of money and markets at investment platform Hargreaves Lansdown, noted that the rise in cryptocurrencies is taking place in a "euphoric" market environment triggered by Trump's victory last week.
"His pledge to go all-in on cryptocurrencies has pushed Bit to new highs," she said in a research report on Monday.
"He has completely reversed his stance on supporting this industry and is now committed to making America the cryptocurrency capital of the world. Bit speculators are betting on a more friendly regulatory environment and expect that authorities may build a cryptocurrency reserve fund, helping to drive ongoing demand."
During the campaign, Trump made a series of promises to the cryptocurrency industry, including turning America into the "cryptocurrency capital of the planet" and asserting that all Bit should be mined in this country.
He also pledged to remove US Securities and Exchange Commission (SEC) Chairman Gary Gensler - who has taken a tough approach to cryptocurrencies - although in reality the president does not have the power to do so.
In a research report last week, Citi strategists highlighted that cryptocurrencies are one of the "few Trump trades that have not yet recovered."
"Part of the reason is the crypto-friendly tilt expected from the Trump administration, which investors hope will translate into clearer regulation in the US," the strategists led by David Glass said.
They noted that since the election, cryptocurrency ETFs have seen some of the largest inflows ever.
"Specifically, the net inflows for BTC and ETH ETFs in the two days after the election were $2.01 billion and $132 million, respectively," they said. "We continue to view ETF flows as the primary driver of Bit's returns."
Looking ahead, some analysts predict that cryptocurrencies will continue to rise, with some saying Bit is on track to reach $100,000 by the end of the year.
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According to CoinDesk
