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

The global Crypto Assets market has reached a new milestone. Driven by a strong rise in Bitcoin prices, the total market capitalization of Crypto Assets surpassed $3.11 trillion on November 12, exceeding the historical high of $3.069 trillion set on November 9, 2021. In the past 24 hours, the total market capitalization has increased by 6.8%. Currently, Bitcoin accounts for 56.3% of the overall market capitalization, while Ethereum constitutes 13%.

A publicly listed company significantly increases its holdings of Bitcoin

On the evening of November 11, a tech company listed in the United States announced it had purchased a large amount of Bitcoin again, which drove the price of Bitcoin to rise rapidly. Bitcoin started to climb quickly from $82,000 and reached a new high of $89,000 around 7 a.m. the next morning.

The company disclosed that between October 31 and November 10, they purchased 27,200 Bitcoins for a total investment of approximately $2.03 billion, with an average purchase price of about $74,463 per Bitcoin. This funding comes from the company's fundraising through ATM stock sales. Currently, the total amount of Bitcoins held by the company has reached 279,420, with a total investment cost of approximately $11.9 billion, and an average purchase price of about $42,692 per Bitcoin. Based on the current Bitcoin price of $89,000, the company's Bitcoin holdings have an unrealized profit of approximately $12.9 billion.

The company's stock price also reached a new high of $340 at the close on November 11, with a single-day increase of 25.73%. A senior ETF analyst at Bloomberg pointed out on social media that the company's trading volume set a record of $12 billion that day, which is six times the trading volume of some well-known large companies.

Increase in Stablecoin Supply, Analysts Optimistic About Future Market

Against the backdrop of rising market enthusiasm, a well-known stablecoin issuer has also increased its supply.

At around 01:07 on November 12, Beijing time, the organization minted 2 billion stablecoins on the Ethereum network. The CEO of the organization stated that this is an authorized but not yet issued transaction, which will be used as inventory for the next issuance request and on-chain swaps. According to statistics from a data analysis agency, the total supply of stablecoins has already increased by $4.776 billion last week.

Many well-known analytical institutions remain optimistic about the Crypto Assets market. An analyst from a large investment bank released a bullish report after the U.S. elections, advising investors to increase their investments in the encryption industry as soon as possible. The report predicts that a more favorable policy environment for the encryption industry may emerge in the future.

The report suggests that investors focus on spot Bitcoin and Ethereum ETFs, publicly traded Bitcoin mining companies, businesses holding Bitcoin, and crypto trading platforms. Analysts expect Bitcoin to potentially reach $200,000 by the end of 2025 and recommend that investors purchase major digital assets such as BTC, ETH, and SOL.

The research director of another international bank also predicted that Bitcoin will continue to rise until the end of this year, possibly "easily reaching" $100,000 before the expiration of certain Bitcoin options on December 27. This analyst had previously successfully predicted Bitcoin reaching $80,000.

He further stated that considering the recent strong performance of Ethereum and Solana, the rise in Bitcoin prices could drive the entire market up. He expects Solana to set a new high before the end of the year, while Ethereum may take longer to break its historical high. Overall, he believes that these assets will continue to rise, with Solana's performance potentially being the most outstanding.

A crypto fund management institution pointed out in its latest weekly report that the results of the U.S. election are determined, and the U.S. stock market has welcomed a significant rise. Traders are betting that under a tax reduction and low interest rate environment, the certainty of U.S. corporate profits will increase, and the U.S. stock market is expected to continue rising in the medium to long term. Against this backdrop, Bitcoin ETF saw a net inflow of $1.728 billion in a single week, while newly issued stablecoins had an inflow of $4.776 billion, totaling $6.504 billion, setting the record for the largest single-week inflow since 2024. Last week, Bitcoin has already broken through the new high consolidation zone of $73,000 and the upward trend line pressure of $75,000. Driven by strong liquidity, Bitcoin is expected to continue to rise in the future, and other crypto assets are also likely to witness a broad rally.