Crypto Assets market capitalization hits a record high, Bitcoin breaks $89,000

The global Crypto Assets market achieved a significant breakthrough on November 12, reaching a total market capitalization of $3.11 trillion, setting a new historical high. This milestone is attributed to the strong performance of Bitcoin, with a 6.8% increase in market capitalization over the past 24 hours, surpassing the record of $3.069 trillion set on November 9, 2021. Currently, Bitcoin accounts for 56.3% of the total market capitalization of Crypto Assets, while Ethereum makes up 13%.

After a publicly traded company announced a large-scale purchase of Bitcoin, the price of this digital asset began to rise rapidly. The company purchased 27,200 Bitcoins between October 31 and November 10, with a total investment of approximately $2.03 billion, averaging a purchase price of about $74,463 per Bitcoin. The funds for this purchase came from capital raised by the company through ATM stock sales. As of now, the company holds a total of 279,420 Bitcoins, with a total investment cost of about $11.9 billion, and an average purchase price of $42,692 per Bitcoin. Based on the current price of Bitcoin at $89,000, the company's Bitcoin holdings have an unrealized gain of approximately $12.9 billion.

The company's stock price also reached a new high of $340 at the close on November 11, with a single-day increase of 25.73%. A senior ETF analyst from Bloomberg pointed out on social media that the company's trading volume that day set a record of $12 billion, which is six times that of some large enterprises.

As the price of Bitcoin rises, other Crypto Assets are also generally on an upward trend. Currently, the global market capitalization of Crypto Assets is approximately $3.11 trillion, having increased by 6.8% in the past 24 hours. Bitcoin accounts for 56.3% of the market capitalization, while Ethereum accounts for 13%. The total trading volume of Crypto Assets in the past 24 hours is approximately $355.68 billion.

Against the backdrop of rising market enthusiasm, a stablecoin issuer has also increased its supply. The organization has newly minted 2 billion stablecoins on the Ethereum network. Its CEO stated that this is an authorized but unissued transaction, which will be used for future issuance requests and on-chain swaps. According to statistics, the supply of stablecoins has already grown by $4.776 billion last week.

Many analysis institutions remain optimistic about the Crypto Assets market. A well-known investment company released a bullish report after the US elections, encouraging investors to increase their investments in the encryption industry as soon as possible. The company's research director expects the new government to adopt a more friendly Crypto Assets policy and may appoint a new head of regulatory agencies, which could bring a more favorable regulatory environment for the industry.

The report suggests that investors pay attention to spot Bitcoin and Ethereum ETFs, publicly listed Bitcoin mining companies, enterprises holding Bitcoin, and crypto trading platforms. Furthermore, the company expects Bitcoin to potentially reach $200,000 by the end of 2025 and recommends that investors purchase major digital assets such as BTC, ETH, and SOL.

The head of foreign exchange and digital asset research at a major bank also predicts that Bitcoin will continue to rise to the end of this year, with a chance of "easily reaching" $100,000 before certain Bitcoin options expire on December 27. This analyst successfully predicted Bitcoin reaching $80,000 before the U.S. presidential election.

The analyst stated: "I expect the price of Bitcoin to reach $125,000 by the end of the year. If it does not reach this level by December 31, I believe it will be achieved by January 20." He also predicted that, considering the recent increases in Ethereum and Solana, the rise in Bitcoin's price may benefit all investors, and the performance of some tokens may exceed that of Bitcoin.

A crypto assets fund management institution pointed out in its latest weekly report that as the results of the U.S. elections become clearer, the U.S. stock market has seen a significant increase. Traders are betting that under a tax reduction and low interest rate environment, the certainty of U.S. corporate profits will improve, and it is expected that the U.S. stock market will continue to rise in the medium to long term. Against this backdrop, Bitcoin ETFs saw an inflow of $1.728 billion in a single week, and newly issued stablecoins saw an inflow of $4.776 billion in a single week, totaling $6.504 billion, setting a record for the largest single-week inflow since 2024. The institution believes that driven by strong liquidity, Bitcoin is expected to continue to rise, and other crypto assets will also experience a widespread increase.