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

After a 3-year interval, the total market capitalization of global Crypto Assets reached $3.11 trillion on November 12, with a 6.8% increase within 24 hours, surpassing the historical high of $3.069 trillion set on November 9, 2021. Currently, Bitcoin accounts for 56.3% of the market capitalization, while Ethereum accounts for 13%.

Large Corporate Purchases Drive Bitcoin Price Up

On the evening of November 11, after a listed company announced a large-scale purchase of Bitcoin, the price of Bitcoin began to rise rapidly. Starting from $82,000, it continued to climb, reaching a new high of $89,000 by 7 AM the next morning.

The company announced that it purchased 27,200 Bitcoins between October 31 and November 10, with a total expenditure of approximately $2.03 billion, at an average purchase price of about $74,463 per coin. The funds for this purchase came from the company's capital raised through ATM stock sales. Currently, the company holds a total of 279,420 Bitcoins, with a total acquisition cost of approximately $11.9 billion, and an average buy-in price of about $42,692 per coin. Based on an estimated Bitcoin price of $89,000, the company's Bitcoin holdings have an unrealized gain of about $12.9 billion.

The company's stock price also closed at a new high of $340 on November 11, rising 25.73% in a single day. Analysts pointed out that the company's trading volume reached $12 billion that day, which is six times that of some large enterprises.

With the rise of Bitcoin, the Crypto Assets market has generally increased. Currently, the global market capitalization of Crypto Assets is approximately $3.11 trillion, up 6.8% in the last 24 hours. The trading volume of Crypto Assets in the past 24 hours is about $355.68 billion.

The issuance of stablecoins increases, and analysis institutions are optimistic about the future market

In the market frenzy, a major stablecoin issuer has also increased its issuance efforts.

On November 12th, around 01:07 AM, the organization minted 2 billion stablecoins on Ethereum. Its CEO stated that this is an authorized but unissued transaction, which will be used as inventory for the next issuance request and on-chain swaps. According to statistics, stablecoins have increased by $4.776 billion last week.

Multiple analytical institutions remain optimistic about the crypto assets market. An investment firm released a report after the US elections, encouraging investors to quickly increase their exposure to the crypto industry. The firm's research director anticipates that the new government may adopt pro-crypto policies, bringing a more favorable regulatory environment for the industry.

The report recommends that investors focus on spot Bitcoin and Ethereum ETFs, listed Bitcoin mining companies, enterprises holding Bitcoin, and crypto trading platforms. The company expects Bitcoin to reach $200,000 by the end of 2025 and advises investors to buy major digital assets such as BTC, ETH, and SOL.

Another bank's analyst predicts that Bitcoin will continue to rise until the end of this year, possibly "easily reaching" 100,000 dollars before December 27. This analyst had previously successfully predicted Bitcoin reaching 80,000 dollars.

Multiple analysts believe that the rise in Bitcoin prices may drive the entire Crypto Assets market up, and the performance of some tokens may exceed that of Bitcoin. They are particularly optimistic about the future performance of SOL and ETH.

A crypto assets fund management institution pointed out in its latest report that the results of the U.S. election have driven a significant rise in the U.S. stock market, as traders bet that tax cuts and a low-interest-rate environment will boost U.S. corporate profits. Against this backdrop, Bitcoin ETF saw inflows of $1.728 billion in a single week, while stablecoin channels recorded inflows of $4.776 billion, totaling $6.504 billion, marking the largest single-week inflow since 2024. The report anticipates that with strong liquidity supporting the market, Bitcoin is expected to continue rising, and other crypto assets will also see a widespread bullish trend.