Crypto Assets market reaches new heights, 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 historical high of $3.069 trillion set on November 9, 2021. This breakthrough is mainly attributed to the strong rise in Bitcoin prices, which currently account for 56.3% of the total market capitalization, while Ethereum accounts for 13%.

Recently, a publicly listed company’s large-scale increase in its Bitcoin holdings has triggered a strong reaction in the market. The company purchased 27,200 Bitcoins between October 31 and November 10, with a total investment of approximately $2.03 billion, at an average purchase price of about $74,463 per coin. This funding came from the company's ATM stock sales activities. Currently, the company's total Bitcoin holdings have reached 279,420 coins, with a total investment cost of about $11.9 billion, and an average buying price of about $42,692 per coin. Based on the latest Bitcoin price of $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, with a single-day increase of 25.73%. A senior ETF analyst at Bloomberg pointed out that the company's trading volume that day set a record of $12 billion, which is six times the trading volume of some large financial and industrial companies.

With the rise of Bitcoin, other crypto assets have also generally increased. In the past 24 hours, the global crypto assets market value has risen by 6.8%, with a trading volume reaching approximately $355.68 billion.

As market enthusiasm rises, a major stablecoin issuer has also increased its supply. Reportedly, the institution has newly minted 2 billion stablecoins on the Ethereum network. The head of the institution stated that this is an authorized but unissued transaction that will serve as reserves for the next issuance request and on-chain swaps. According to statistics, the total supply of stablecoins has increased by $4.776 billion last week.

Multiple analysis institutions remain optimistic about the Crypto Assets market. Analysts at Bernstein encouraged investors to increase their investments in the encryption industry in their latest report. They anticipate that the future policy environment may be more favorable for the development of the encryption industry. The institution predicts that Bitcoin may reach $200,000 by the end of 2025 and advises investors to pay attention to Bitcoin and Ethereum ETFs, publicly listed Bitcoin mining companies, companies holding Bitcoin, and major Crypto Assets trading platforms.

Geoff Kendrick, the research head of Standard Chartered Bank, predicts that Bitcoin will reach $100,000 by the end of the year and may break through $125,000 before January 20 next year. He also believes that the performance of other crypto assets like Ethereum and Solana may surpass Bitcoin, with Solana expected to hit a new high within the year.

The crypto asset management institution EMC Labs pointed out in its latest report that the results of the US election have driven a significant rise in the US stock market, with investors becoming more optimistic about the profit outlook for American companies. Against this backdrop, the inflow of funds into Bitcoin ETFs and stablecoin channels has reached a new high since 2024, and it is expected that Bitcoin and other crypto assets will continue to rise.