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

The total market capitalization of global crypto assets reached $3.11 trillion on November 12, setting a new historical record. In the past 24 hours, the market capitalization increased by 6.8%, surpassing the record of $3.069 trillion set on November 9, 2021. Currently, Bitcoin accounts for 56.3% of the market capitalization, while Ethereum accounts for 13%.

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

The company 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 the purchases came from the company's fundraising activities through ATM stock sales. Currently, the company's total holding has reached 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 approximately $12.9 billion.

The company's stock price closed at a new high of $340 on November 11, rising 25.73% in a single day. A senior ETF analyst stated that the company's single-day trading volume set a record of $12 billion, which is several times the trading volume of some large traditional enterprises.

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

Under the market boom, a stablecoin issuer has also increased its issuance efforts. Around 01:07 Beijing time, the issuer minted an additional 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 exchanges. According to statistics, stablecoins have already grown by 4.776 billion USD last week.

Multiple analysis agencies maintain a bullish outlook on the Crypto Assets market. An analyst from one agency predicts that Bitcoin could reach $200,000 by the end of 2025 and advises investors to pay attention to spot Bitcoin and Ethereum ETFs, publicly listed Bitcoin mining companies, enterprises holding Bitcoin, and crypto trading platforms.

Another analyst predicts that Bitcoin will continue to rise until the end of this year, likely "easily reaching" $100,000 before December 27. He also expects that by January 20 next year, the price of Bitcoin could reach $125,000.

In addition, some analysts believe that the performance of other crypto assets such as Ethereum and Solana may outperform Bitcoin. They predict that Solana may reach an all-time high before the end of the year, while Ethereum may break its historical peak early next year.

Overall, analysis institutions generally believe that the crypto assets market will continue to rise, with some assets potentially performing better than others.