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

The total market capitalization of global crypto assets reached $3.11 trillion on November 12, setting a new historical high. This breakthrough is attributed to the strong performance of Bitcoin prices, with a 6.8% increase in market capitalization over the past 24 hours, surpassing the previous record of $3.069 trillion set on November 9, 2021. Currently, Bitcoin accounts for 56.3% of the total market capitalization, while Ethereum accounts for 13%.

On the evening of November 11, after a U.S. listed company announced a large-scale purchase of Bitcoin, the price of Bitcoin began to rise rapidly. Starting at $82,000, the price of Bitcoin continued to climb, reaching a new high of $89,000 by 7 a.m. the next morning.

The company purchased 27,200 Bitcoins between October 31 and November 10, spending approximately $2.03 billion, with an average purchase price of $74,463 per Bitcoin. This funding came from the company’s fundraising activities through stock sales. Currently, 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 profit of approximately $12.9 billion.

As the price of Bitcoin rises, other Crypto Assets also generally increase. Currently, the global market capitalization of Crypto Assets is approximately $3.11 trillion, having risen by 6.8% in the past 24 hours. Bitcoin's market capitalization accounts for 56.3%, while Ethereum accounts for 13%. The trading volume of Crypto Assets in the past 24 hours is approximately $355.68 billion.

In the market frenzy, a major stablecoin issuer has also intensified its issuance efforts. Around 01:07 on November 12, the institution minted 2 billion stablecoins on the Ethereum network. The CEO of the institution stated that this is an authorized but unissued transaction, which will be used as inventory for future issuance requests and on-chain exchanges. According to statistics, the total amount of stablecoins has already increased by 4.776 billion USD last week.

Multiple analysis firms remain optimistic about the crypto assets market. Bernstein analysts released a report after the US elections, encouraging investors to increase their investments in the encryption industry. The report predicts that the new government may adopt more crypto-friendly policies, bringing a more favorable regulatory environment for the industry. Bernstein forecasts that Bitcoin could reach $200,000 by the end of 2025 and suggests investors focus on major digital assets.

Geoff Kendrick, the head of foreign exchange and digital asset research at Standard Chartered Bank, predicts that Bitcoin will "easily reach" $100,000 by the end of the year. Kendrick also expects that by January 20 of next year, the price of Bitcoin could reach $125,000. He believes that the performance of other crypto assets like Ethereum and Solana may surpass that of Bitcoin, especially Solana which is expected to hit new highs by the end of the year.

The crypto fund management institution EMC Labs pointed out in its latest report that the results of the U.S. elections have been determined, and the U.S. stock market has risen significantly, with traders optimistic about the increase in U.S. corporate profits in a tax cut and low interest rate environment. Against this backdrop, Bitcoin ETFs saw inflows of $1.728 billion in a single week, stablecoin channels had inflows of $4.776 billion in a single week, totaling $6.504 billion, marking the largest single-week inflow since 2024. The report predicts that driven by strong liquidity, Bitcoin will continue to rise in the future, and other crypto assets will also experience a broad bullish trend.