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

The global Crypto Assets market reached an important milestone on November 12, with a total market capitalization of $3.11 trillion, surpassing the previous high of $3.069 trillion set on November 9, 2021. In the past 24 hours, the total market value has increased by 6.8%. Currently, Bitcoin occupies 56.3% of the market share, while Ethereum accounts for 13%.

The price of Bitcoin began to rise rapidly on the evening of November 11, climbing from $82,000 to reach a historic high of $89,000 around 7 a.m. the following morning. This surge was related to a publicly listed company announcing a large-scale purchase of Bitcoin. The company purchased 27,200 Bitcoins between October 31 and November 10, with a total investment of approximately $2.03 billion, averaging about $74,463 per coin. The funds for this purchase came from the company's ATM stock sales.

Currently, the company holds 279,420 Bitcoins, with a total investment cost of approximately 11.9 billion USD, and an average purchase price of about 42,692 USD per coin. Based on the Bitcoin price of 89,000 USD, the company's unrealized gains on its Bitcoin holdings amount to around 12.9 billion USD. The company's stock price also reached a new high of 340 USD at the close on November 11, a single-day increase of 25.73%. A senior ETF analyst noted that the company's trading volume on that day reached 12 billion USD, which is six times that of some well-known large enterprises.

As the price of Bitcoin rises, the entire Crypto Assets market is generally strengthening. In the past 24 hours, the trading volume of Crypto Assets was approximately $355.68 billion.

Against the backdrop of rising market enthusiasm, a stablecoin issuer has also increased its supply. Around 01:07 AM Beijing time on November 12, the company minted an additional 2 billion stablecoins on the Ethereum network. The company's CEO stated that this is an authorized but unissued transaction, which will be used for future issuance requests and on-chain exchanges. According to statistics, the total supply of stablecoins has increased by $4.776 billion last week.

Many analytical institutions remain optimistic about the Crypto Assets market. A well-known investment research company released a report after the U.S. election, encouraging investors to increase their investments in the crypto industry. The report predicts that if a specific candidate is elected, it may bring a more favorable regulatory environment for the industry. The company advises investors to pay attention to spot Bitcoin and Ethereum ETFs, listed Bitcoin mining companies, businesses holding Bitcoin, and crypto trading platforms. They predict that Bitcoin may reach $200,000 by the end of 2025 and recommend that investors purchase major digital assets such as BTC, ETH, and SOL.

The head of foreign exchange and digital asset research at a large bank predicts that Bitcoin will "easily reach" $100,000 by the end of the year. He 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." The analyst also predicted that other crypto assets such as Ethereum and Solana may perform excellently, with Solana expected to hit a new all-time high by the end of the year.

A cryptocurrency fund management institution pointed out in its latest weekly report that the results of the U.S. election have driven a significant rise in U.S. stocks, with traders betting that tax cuts and a low interest rate environment will boost U.S. corporate profits. Against this backdrop, Bitcoin ETFs saw an inflow of $1.728 billion in a single week, while stablecoin channels recorded an inflow of $4.776 billion in the same week, totaling $6.504 billion, marking the largest weekly inflow since 2024. The report suggests that driven by strong liquidity, Bitcoin may continue to rise in the future, and other crypto assets are also expected to see a general increase.