MicroStrategy buys another $2 billion in Bitcoin, BTC rises above $89,000, and the global cryptocurrency market cap hits a new high
On the evening of November 11, after the U.S. publicly traded company MicroStrategy announced the purchase of Bitcoin again, Bitcoin began to rise rapidly, climbing from $82,000 to reach a new high of $89,000 at 7 a.m. this morning.Author: Joy, PANews
After three years, with the help of Bitcoin reaching new highs, the total market capitalization of global cryptocurrencies reached $3.11 trillion on November 12, up 6.8% in the past 24 hours, surpassing the previous high of $3.069 trillion on November 9, 2021. Currently, Bitcoin's market cap accounts for 56.3%, while Ethereum accounts for 13%.
"Coin-Eating Beast" MicroStrategy Buys $2 Billion BTC
On the evening of November 11, after the publicly traded company MicroStrategy announced another purchase of Bitcoin, Bitcoin began to rise rapidly, climbing from $82,000 to a new high of $89,000 at 7 AM this morning.
MicroStrategy's purchase announcement stated that it acquired 27,200 Bitcoins between October 31 and November 10, at a cost of approximately $2.03 billion, with an average purchase price of about $74,463 per coin. The funds for this purchase came from the company's ATM stock sales. Currently, MicroStrategy's total holdings have reached 279,420 Bitcoins, with a total purchase cost of about $11.9 billion and an average purchase price of about $42,692 per coin. Based on Bitcoin's price of $89,000, MicroStrategy's Bitcoin holdings have an unrealized gain of approximately $12.9 billion.
MicroStrategy's stock price also hit a new high of $340 at the close on November 11, rising 25.73% in a single day. Bloomberg senior ETF analyst Eric Balchunas posted on X that MicroStrategy's single-day trading volume reached a record $12 billion, six times that of JPMorgan or General Electric.
With Bitcoin's rise, cryptocurrencies are experiencing a broad rally. Currently, the global cryptocurrency market cap is about $3.11 trillion, up 6.8% in the past 24 hours, surpassing the previous high of $3.069 trillion on November 9, 2021. Currently, Bitcoin's market cap accounts for 56.3%, while Ethereum accounts for 13%, with a cryptocurrency trading volume of about $355.68 billion in the past 24 hours.
Tether Accelerates Printing Money, Analysts Remain Bullish
Amid the market frenzy, the "Federal Reserve" of the crypto world has also turned on the money printer.
Around 1:07 AM Beijing time, Tether Treasury minted an additional 2 billion USDT on Ethereum. Tether CEO Paolo Ardoino stated that this is an authorized but unissued transaction, meaning it will be used as inventory for the next issuance request and on-chain swaps. According to EMC Labs, stablecoins have increased by $4.776 billion last week.
Bernstein analysts released a bullish report after the U.S. elections, encouraging investors to quickly increase their exposure to the crypto industry. Bitcoin broke $80,000 and set a new historical high after Trump's victory. Bernstein's research director Gautam Chhugani stated that the Trump administration is expected to adopt pro-crypto policies or appoint a new SEC chairman, which could bring a more favorable regulatory environment for the industry.
The report suggests that investors pay attention to spot Bitcoin and Ethereum ETFs, publicly listed Bitcoin mining companies, companies holding Bitcoin, and crypto trading platforms (such as Robinhood and Coinbase). Additionally, Bernstein expects Bitcoin to reach $200,000 by the end of 2025 and recommends investors buy major digital assets like BTC, ETH, and SOL.
Geoff Kendrick, head of foreign exchange and digital asset research at Standard Chartered, also predicts that Bitcoin will continue to rise until the end of this year, "easily reaching" $100,000 before certain Bitcoin options expire on December 27. It is reported that this analyst successfully predicted Bitcoin reaching $80,000 before the U.S. presidential election.
Kendrick stated in an email last Sunday: "I predict that Bitcoin will reach $125,000 by the end of the year, which is the next level, although I note that many Trump-related trades peaked around the inauguration on January 20 after the 2016 election… Therefore, if Bitcoin does not reach $125,000 by December 31, I believe it will reach that level by January 20."
Kendrick further predicts that given the recent gains of Ethereum and Solana, the rise in Bitcoin prices could "benefit all investors," with some tokens potentially outperforming Bitcoin. Kendrick wrote: "It seems inevitable that SOL will set a new historical high (the historical high of $260 was set in November 2021) by the end of this year. ETH may have to wait until around the inauguration to reach its historical high (the historical high of $4,866 was set in November 2021). Overall, we believe these assets will continue to rise, but SOL may perform the best among them."
The crypto fund management firm EMC Labs stated in this week's "EMC Bitcoin Weekly Review" that with the U.S. elections settled, the U.S. stock market has seen a significant rise, as traders bet on the certainty of increased corporate profits in a low-tax, low-interest-rate environment. In this context, BTC ETFs saw inflows of $1.728 billion in a week, while late-arriving stablecoin channels saw inflows of $4.776 billion, totaling $6.504 billion, marking the largest single-week inflow since 2024. Last week, BTC broke through the new high consolidation zone of $73,000 and the upward trend line resistance of $75,000, returning to the upward trend line after eight months. With strong liquidity driving the market, BTC is expected to continue rising, and Altcoins will also experience a broad rally.
