Bitcoin continues to rise to a new record high, surpassing the $89,000 mark at 6:00 AM today, November 12, up an additional 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 approximately $1.77 trillion, surpassing the value of silver. This shift has occurred at least once this year, driven by positive sentiment surrounding Bitcoin ETF funds since March.
BTC leads 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 gain of 6.7%.
BTC price chart | Source: Tradingview
The native tokens of Aptos (APT), Near (NEAR), Dogecoin (DOGE), and Render (RNDR) were the best performers, rising from 18% to 25%.
Cryptocurrency-related stocks surged at the open due to the weekend rally and continued to climb throughout 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 reported increases of 25% to 30%.
MicroStrategy (MSTR), the Nasdaq-listed software company with the largest Bitcoin treasury among public companies, rose 25%, ending the day at a new all-time high price of $340, surpassing a 24-year record from the dot-com bubble. The company announced on Monday that it had purchased an additional 27,200 BTC, bringing its total holdings to 279,420 Bitcoin, worth approximately $24.5 billion at current prices. Overall, they are up $13 billion.
Trump's victory shows no signs of weakening
Cryptocurrency prices have exploded since Donald Trump won the U.S. presidential election on November 5, as investors expect a friendlier policy towards digital assets during his term, with the possibility of the Republican Party controlling both houses of Congress. Bitcoin surged 27% in a week, while many altcoins doubled or tripled.
“The market may seem lively to some, but please understand that we just transitioned from a repressive regime to a clearly friendly regime overnight,” Sean Farrell, head of digital asset strategy at Fundstrat, wrote on X on Monday. “The charts have the right to show exponential returns here.”
Susannah Streeter, head of currency and markets at investment platform Hargreaves Lansdown, noted that the rise of cryptocurrency is occurring amid “excitement” in the market triggered by Trump’s victory last week.
“His commitment to fully invest in cryptocurrency has pushed Bitcoin to new highs,” she said in a research report on Monday.
“He has completely changed his stance on supporting this industry and is now committed to making the U.S. the cryptocurrency capital of the world. Bitcoin speculators are betting on a friendlier regulatory environment and expect that authorities may establish a cryptocurrency reserve fund, boosting ongoing demand.”
During the campaign, Trump made a series of promises to the cryptocurrency industry, including making the U.S. the “cryptocurrency capital of the planet” and asserting that all Bitcoin should be mined in the country.
He is also committed to removing the Chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler — who has taken a tough approach to cryptocurrency — although in reality the president does not have the authority to do so.
In a research report last week, Citi strategists highlighted that cryptocurrency is one of “Trump's rare trades that has not recovered.”
“Part of the reason is due to the expected cryptocurrency-friendly nature of the Trump administration, which investors hope will translate into regulatory clarity in the U.S.,” 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 inflow for BTC and ETH ETFs in the two days following the election was $2.01 billion and $132 million, respectively,” they said. “We continue to see ETF inflows as a key driver for Bitcoin profits.”
Looking ahead, some analysts predict that cryptocurrency will continue to rise, with some suggesting Bitcoin is on track to hit $100,000 by the end of the year.
