Bitcoin Hits New All-Time High Nearing $90,000

On November 11-12, 2024, Bitcoin experienced a significant rally, pushing its price to new heights, following these the key metrics.

Bitcoin reached an all-time high of $89,599 in early Asian trading on November 12. As of the latest data, the price stands at $89,525.52, representing a 1% increase in 24 hours.

Bitcoin’s market cap has surged to $1.77 trillion, solidifying its position as the 8th largest asset globally and has risen by approximately 44% over the last month.

The 24-hour trading volume for Bitcoin reached an impressive $153.95 billion, indicating strong market interest and liquidity.

U.S. spot Bitcoin ETFs saw their highest trading day since March 14, with a total volume of $7.22 billion on November 11. BlackRock’s IBIT led with $4.6 billion in trading volume, while Fidelity’s FBTC exceeded $1 billion.

On November 7, U.S. spot Bitcoin ETFs recorded their highest-ever day of capital inflows, with investors adding $1.373 billion on a net basis.

Bitcoin futures saw 29,081 contracts traded on November 6 for the front-month expiry on CME. Options volume hit a record $2.47 billion on November 7 on the largest options exchange.

Bitcoin open interest on options contracts reached an all-time high of $32.57 billion on November 7. Prediction markets now estimate a 52% chance of Bitcoin reaching $100,000 by the end of 2024, reflecting growing optimism in the market.

This surge in Bitcoin’s price and related metrics is largely attributed to Donald Trump’s election victory and his pro-crypto stance. Analysts are now targeting price levels between $100,000 and $200,000, with some expecting Bitcoin to reach the six-figure mark by year-end.

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