The cryptocurrency market has reached a record high market capitalization of $3.12 trillion, nearing France’s GDP.
On Nov. 11, total crypto market capitalization rose by 7% in just 24 hours, largely driven by a surge in Bitcoin, which rallied to $89,500.
If the crypto market were a country, it would rank as the eighth-largest economy globally, trailing only the United States, China, Germany, Japan, India, the United Kingdom, and France.
Bitcoin’s own market cap has now surpassed $1.77 trillion, making it larger than Spain’s GDP, according to the International Monetary Fund.
The last time the crypto market cap approached $3 trillion was on Nov. 15, 2021, shortly after Bitcoin hit its previous peak of $69,000 during the 2020-2021 bull market, as reported by CoinGecko, which tracks over 15,000 coins across 1,149 exchanges.
The crypto market cap has now surpassed that of Microsoft and is closing in on Nvidia and Apple, the two most valuable companies globally, according to Google Finance data.
Bitcoin’s price rally also pushed its market cap above silver’s on Nov. 11.
Speaking with Cointelegraph, 10x Research founder Markus Thielen projected that Bitcoin’s dominance will “remain strong” as the total crypto market cap advances toward $4 trillion.
“We anticipate Bitcoin’s dominance to remain strong, with the current rally primarily centered on Bitcoin and extending toward Ethereum and Solana,” he said.
“We firmly expect Bitcoin to reach $100,000 before year-end.”
A Bitcoin price of $100,000 would bring its market cap close to $2 trillion.
However, not everyone shares Thielen’s view.
Rachael Lucas, a crypto analyst at BTC Markets, told Cointelegraph that if the crypto market moves toward $4 trillion, it will likely be driven by a “massive surge in altcoins,” which could reduce Bitcoin’s dominance.
Thielen also noted that some Solana-based tokens might outperform the market, while several top performers from the previous bull cycle may lag behind.
Currently, Bitcoin is trading at $89,478 — up 11% in 24 hours and nearing the $90,000 mark.
Donald Trump’s election win in the U.S. may not be “the main story” behind Bitcoin’s recent price surge, with an analyst pointing to a post-halving supply shock instead.
“If you’re wondering what’s happening with #Bitcoin… Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst… But that’s not the main story here,” said Jesse Myers, co-founder of Onramp Bitcoin, in a post on X on Nov. 11.
“The main story here is that we are 6+ months post-halving.”
The Bitcoin halving in April reduced block rewards from 6.25 BTC to 3.125 BTC, creating a scarcity effect as fewer BTC are mined.
Myers explained that this has resulted in a supply shock, as “there’s not enough supply available at current prices to satisfy demand,” which will push the price up to achieve supply-demand equilibrium.
Bitcoin ETFs, introduced in January, have intensified this demand. On Nov. 11, U.S. Bitcoin ETFs saw a record inflow, with around 13,940 BTC purchased in a single day, compared to only 450 BTC mined.
“The only way to do that is for the price to go higher, which will flywheel into mania and a bubble, but that’s how this thing works,” Myers noted.
He emphasized that while it may seem improbable to expect a predictable bubble every four years, the halving cycle leads to predictable post-halving price surges, as seen after halvings in 2012, 2016, and 2020.
“Prices will go much higher,” Myers stated.
On-chain analyst James Check echoed these thoughts, comparing Bitcoin’s market cap to gold, which added $6 trillion over the last year but has “hundreds of billions of new and recycled supply coming to market.”
With Bitcoin’s $1.6 trillion market cap and absolute scarcity, Check predicted it would go higher.
American financier Anthony Scaramucci also weighed in, suggesting to those not already invested in Bitcoin, “It may feel like you missed it, but you didn’t. It’s early.”
He expects the U.S. to establish a Bitcoin reserve, which may inspire other countries and institutions to follow.
Currently, 94% of all Bitcoin are already in circulation or lost, leaving only about 1.2 million BTC to be mined, intensifying supply pressure.
Bitcoin’s price surge to nearly $90,000 in early November drove a massive flow of funds into U.S. spot Bitcoin exchange-traded funds (ETFs).
On Nov. 6, Bitcoin started a bull run, skyrocketing from $69,000 to nearly $90,000 within a week. The surge, fueled by positive market sentiment and fear of missing out (FOMO), led retail and institutional investors alike to increase their Bitcoin exposure.
As a result, investments into spot Bitcoin ETFs in the U.S. for the week of Nov. 6–11 reached $2.6 billion, according to Farside Investors.
Of the 11 U.S. spot BTC ETFs, BlackRock’s iShares Bitcoin Trust attracted the highest investments, bringing in over $2 billion during this period.
Other significant ETFs contributing to the inflows included Fidelity’s Wise Origin Bitcoin Fund, the Bitwise Bitcoin ETF, and the ARK 21Shares Bitcoin ETF, which recorded inflows of $668.3 million, $180 million, and $253.2 million, respectively.
Grayscale, which previously saw substantial outflows from the ETF ecosystem, recorded a rare positive streak during the bull run.
Data from Farside Investors revealed that Grayscale’s Bitcoin ETFs — GBTC and BTC — accumulated $219.8 million in net positive inflows since Nov. 6.
Related: ‘Volmageddon’— Bitcoin ETFs, Coinbase, MicroStrategy trading volume hits $38B
The optimism extended to spot Ether ETFs as well. On Nov. 11, U.S. spot Ether ETFs reported their highest-ever daily inflows since their July launch, with $294.9 million coming in — surpassing the previous record of $106.6 million on launch day.
“After being a laggard for most of this cycle, Ethereum is starting to catch a bid,” noted BTC Markets crypto analyst Rachael Lucas in a report to Cointelegraph.
Bitcoin is trading at unprecedented levels, nearing a potential six-figure valuation following Donald Trump’s recent win in the U.S. presidential election.
On Nov. 11, Bitcoin’s price surged past $82,410 at 10:19 am UTC, according to Bitstamp data, setting a new record.
Ryan Lee, chief analyst at Bitget Research, suggests this could be a brief stop before Bitcoin advances further, possibly reaching $85,000 within the week.
Lee told Cointelegraph: “This week, we expect the volatility of BTC and ETH to continue to increase, with potential upward breakthroughs followed by rapid corrections. The predicted range for BTC this week is between $76,000 and $85,000.”
Trump’s election victory has spurred increased interest in high-risk assets like Bitcoin, and some analysts at Bitget believe this momentum could push Bitcoin past the $100,000 mark before the year’s end.
Options markets reflect strong investor confidence in Bitcoin’s upward trajectory, with Lee explaining that “BTC call options have become significantly more expensive than put options, showing a strong bullish bias and a degree of market consensus for further upward movements.”
As of Nov. 11, Bitcoin’s market cap has exceeded $1.6 trillion as its price continues to climb.
Ether is also rallying, benefitting from Bitcoin’s record-breaking performance.
Over the weekend, Ether broke past $3,200, lifted by Bitcoin’s surge past $80,000.
Lee commented that “ETH is expected to fluctuate between $2,800 and $3,500. Users should exercise caution when using leverage and consider taking profits promptly based on market conditions.”
Ether has risen 29% over the week, with its market cap surpassing that of Bank of America by around $40 billion as it crossed the $383 billion threshold.
MicroStrategy’s Bitcoin holdings have surged in value to over $20 billion as Bitcoin’s price climbed above $80,000.
The company now holds 252,200 Bitcoin, valued at $20.5 billion, which represents a 104% gain on its total Bitcoin investment, according to the “Saylor Tracker,” named after MicroStrategy’s executive chairman, Michael Saylor.
Data from BitcoinTreasuries shows that MicroStrategy has acquired Bitcoin through 42 purchases, averaging a cost of $39,292 per Bitcoin.
MicroStrategy remains the largest corporate Bitcoin holder, followed by Bitcoin miners Marathon Digital and Riot Platforms, whose Bitcoin holdings are worth $2.1 billion and $840 million, respectively.
The firm has ambitious plans to raise $42 billion over the next three years under its “21/21” initiative, intending to secure $21 billion through equity and another $21 billion in fixed-income securities to purchase more Bitcoin.
Currently, Bitcoin is priced at $81,617, an all-time high, according to CoinGecko.
Other large Bitcoin holders are also benefitting from the recent price surge.
Bhutan’s Bitcoin reserves have grown to over $1 billion, as reported by blockchain analytics firm Arkham Intelligence.
The Himalayan country has been building a major Bitcoin mining infrastructure and appears to be leveraging Bitcoin as part of its national reserves.
Bhutan’s Bitcoin holdings are now equivalent to 32% of its $3.15 billion GDP, according to IMF data from October 2024.
El Salvador is another nation reaping gains from Bitcoin’s rally.
The country’s Bitcoin holdings, totaling 5,930 BTC, are now worth over $482 million, with unrealized profits nearing $214 million, according to Drop Stab data.
Despite initial criticism when Bitcoin’s market dropped in 2022, El Salvador continues its dollar-cost-averaging approach, buying 1 Bitcoin per day under President Nayib Bukele’s direction.
Bitcoin has surged past the $79,000 mark for the first time, hitting several new highs following Donald Trump’s reelection as U.S. president.
On Nov. 10 at 05:00 UTC, Bitcoin reached $79,141 on Coinbase, although analysts cautioned against hasty decisions.
Currently, Bitcoin is trading at $79,658, according to Coinbase data.
Bitcoin analyst Tuur Demeester advised patience in a Nov. 10 X post, stating, “no rash action is needed, HODLing does the work for you.” He added, “$79k Bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight.”
Similarly, Glassnode lead analyst James Check noted that even with Bitcoin at new highs, the “distance” from the 200 Day Moving Average (DMA) remains “still cooled off.”
Popular crypto analyst Invest Answers shared the excitement, telling their 227,400 X followers, “We’re taking off,” while crypto commentator Rain echoed the sentiment, stating, “We are so back” to their 148,000 followers.
Pseudonymous trader Cantonese Cat commented that this price surge wasn’t driven by leveraged positions, claiming, “It just wanted to pump.” They suggested that either the price dips again by Monday, or “it was driven by pure spot supply shock and huge demand.”
After breaking its previous all-time high of $73,679 on Nov. 5, Bitcoin surpassed $76,000 on Nov. 6 and then $77,000 on Nov. 8, continuing its upward trend.
Bitwise Invest CEO Hunter Horsley highlighted the psychology of Bitcoin’s rising price, noting that when Bitcoin climbs, “people view it as more likely that it will succeed, and therefore be even more valuable,” which could push the price even higher.
As he put it, “So it’s likely to go up even further.”
Bitcoin has surged past the $79,000 mark for the first time, hitting several new highs following Donald Trump’s reelection as U.S. president.
On Nov. 10 at 05:00 UTC, Bitcoin reached $79,141 on Coinbase, although analysts cautioned against hasty decisions.
Currently, Bitcoin is trading at $79,658, according to Coinbase data.
Bitcoin analyst Tuur Demeester advised patience in a Nov. 10 X post, stating, “no rash action is needed, HODLing does the work for you.” He added, “$79k Bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight.”
Similarly, Glassnode lead analyst James Check noted that even with Bitcoin at new highs, the “distance” from the 200 Day Moving Average (DMA) remains “still cooled off.”
Popular crypto analyst Invest Answers shared the excitement, telling their 227,400 X followers, “We’re taking off,” while crypto commentator Rain echoed the sentiment, stating, “We are so back” to their 148,000 followers.
Pseudonymous trader Cantonese Cat commented that this price surge wasn’t driven by leveraged positions, claiming, “It just wanted to pump.” They suggested that either the price dips again by Monday, or “it was driven by pure spot supply shock and huge demand.”
After breaking its previous all-time high of $73,679 on Nov. 5, Bitcoin surpassed $76,000 on Nov. 6 and then $77,000 on Nov. 8, continuing its upward trend.
Bitwise Invest CEO Hunter Horsley highlighted the psychology of Bitcoin’s rising price, noting that when Bitcoin climbs, “people view it as more likely that it will succeed, and therefore be even more valuable,” which could push the price even higher.
As he put it, “So it’s likely to go up even further.”
Bitcoin held steady above $76,000 on Nov. 9, with its price action stuck in a narrow range, a phenomenon some traders are calling “spoof city.”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching a high of $77,270 on Bitstamp before settling lower. Market participants noticed unusual liquidity movements on exchanges, raising concerns about potential market manipulation.
Popular trader Skew noted on X, “Spoof city again today,” explaining that large orders appeared to influence prices only to be removed or adjusted, a tactic known as “spoofing.” Spoofing is banned in traditional markets but remains common in crypto.
Meanwhile, Material Indicators, a trading resource, highlighted an attempt by large entities to break Bitcoin’s price resistance through heavy buying on Binance, the world’s largest crypto exchange.
However, some traders remain cautious. “BTC is acting weird and underperforming,” said well-known analyst WhalePanda, noting that the current price action lacks the aggressive upward momentum typically seen after all-time highs. WhalePanda speculated that despite massive inflows, there might be large holders selling into the market.
Popular trader CrypNuevo suggested that a “long squeeze” might occur before the weekly close, potentially driving Bitcoin’s price sharply down to liquidate late long positions. “$77k hit – liquidations hit,” CrypNuevo commented, adding, “Now yes… potential long squeeze in the making to shake-out some longs.”
Despite short-term uncertainties, the long-term outlook remains bullish. Commentator Pentoshi sees Bitcoin spot ETFs as a major driver of demand, especially as more U.S. states and retirement funds begin to allocate to Bitcoin. “Global adoption will only INCREASE from here. It’s on an unstoppable path,” Pentoshi said, viewing any price pullbacks as opportunities.
On Nov. 8, U.K.-based Farside Investors reported that spot Bitcoin ETFs saw net inflows of $293 million, a significant drop from the record inflows seen the day before but still a sign of continued interest.
BlackRock, the world’s largest asset manager, recorded the highest daily inflows into its spot Ether ETF in over three months. On Nov. 8, BlackRock’s iShares Ethereum Trust ETF (ETHA) saw inflows of $60.3 million, the largest since Aug. 6, when it collected $109.9 million, according to Farside data.
The surge in inflows coincided with Ether’s price nearing the $3,000 mark for the first time since August, reaching $2,971, as reported by CoinMarketCap. Currently, Ether is trading at $2,970. This increase in inflows follows the recent election of Donald Trump as the 47th president of the United States, a factor that some traders are associating with the recent spike.
BlackRock’s inflows came amid seven consecutive days of inflows into ETHA, totaling $84.3 million. Other Ether-focused ETFs also saw notable daily inflows, with the Fidelity Ethereum Fund (FETH) recording $18.4 million, VanEck Ethereum Fund (ETHV) receiving $4.3 million, and the Bitwise Ethereum ETF (ETHW) seeing $3.4 million.
The news comes on the heels of Cointelegraph’s report that BlackRock’s spot Bitcoin ETF exceeded $1 billion in daily inflows for the first time since its launch in January. Inflows for BlackRock’s Bitcoin ETF, IBIT, represented nearly 82% of the total $1.34 billion in inflows among the 11 U.S.-listed spot Bitcoin ETFs on the same day.
Cointelegraph also highlighted that Ether has posted its largest weekly gains since May 2024. While Bitcoin’s momentum has slowed over the past 24 hours, Ether’s price has reached a quarterly high, prompting a 6% increase in the ETH/BTC trading pair.
This price action has led analysts to consider a potential trend reversal, with Into The Cryptoverse founder Benjamin Cowen suggesting in a Nov. 8 post, “I think there is a solid chance the bottom is in for ETH/BTC.”
Bitcoin held steady above $76,000 on Nov. 9, with its price action stuck in a narrow range, a phenomenon some traders are calling “spoof city.”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching a high of $77,270 on Bitstamp before settling lower. Market participants noticed unusual liquidity movements on exchanges, raising concerns about potential market manipulation.
Popular trader Skew noted on X, “Spoof city again today,” explaining that large orders appeared to influence prices only to be removed or adjusted, a tactic known as “spoofing.” Spoofing is banned in traditional markets but remains common in crypto.
Meanwhile, Material Indicators, a trading resource, highlighted an attempt by large entities to break Bitcoin’s price resistance through heavy buying on Binance, the world’s largest crypto exchange.
However, some traders remain cautious. “BTC is acting weird and underperforming,” said well-known analyst WhalePanda, noting that the current price action lacks the aggressive upward momentum typically seen after all-time highs. WhalePanda speculated that despite massive inflows, there might be large holders selling into the market.
Popular trader CrypNuevo suggested that a “long squeeze” might occur before the weekly close, potentially driving Bitcoin’s price sharply down to liquidate late long positions. “$77k hit – liquidations hit,” CrypNuevo commented, adding, “Now yes… potential long squeeze in the making to shake-out some longs.”
Despite short-term uncertainties, the long-term outlook remains bullish. Commentator Pentoshi sees Bitcoin spot ETFs as a major driver of demand, especially as more U.S. states and retirement funds begin to allocate to Bitcoin. “Global adoption will only INCREASE from here. It’s on an unstoppable path,” Pentoshi said, viewing any price pullbacks as opportunities.
On Nov. 8, U.K.-based Farside Investors reported that spot Bitcoin ETFs saw net inflows of $293 million, a significant drop from the record inflows seen the day before but still a sign of continued interest.