MicroStrategy buys another $2 billion in Bitcoin, global Crypto Assets market capitalization hits a new high

Author: Joy, PANews

After a 3-year gap, aided by Bitcoin reaching new highs, the total market capitalization of global cryptocurrencies reached $3.11 trillion on November 12, with a 6.8% increase over the past 24 hours, surpassing the previous high of $3.069 trillion on November 9, 2021. Currently, Bitcoin accounts for 56.3% of the market cap, while Ethereum accounts for 13%.

"Coin Monster" MicroStrategy spends $2 billion on BTC

On the evening of November 11, after the U.S. stock-listed company MicroStrategy announced another purchase of Bitcoin, Bitcoin began to surge rapidly, climbing continuously from $82,000 and reaching a new high of $89,000 at 7 a.m. this morning.

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

MicroStrategy's stock price closed at a new high of $340 on November 11, up 25.73% in a single day. Bloomberg senior ETF analyst Eric Balchunas posted on X that MicroStrategy's single-day trading volume set a record of $12 billion, six times that of JPMorgan or General Electric.

With the rise of Bitcoin, cryptocurrencies are experiencing a surge, and the current global cryptocurrency market capitalization is approximately $3.11 trillion, having increased by 6.8% in the past 24 hours, surpassing the previous high of $3.069 trillion on November 9, 2021. Currently, Bitcoin's market share is 56.3%, while Ethereum's share is 13%. The trading volume of cryptocurrencies in the past 24 hours is approximately $355.68 billion.

Tether accelerates money printing, analysis institutions remain bullish.

Under the market frenzy, the "Federal Reserve" of the crypto world has also turned on the printing press.

At around 01:07 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 already increased by 4.776 billion US dollars last week.

Bernstein analysts released a bullish report after the U.S. elections, encouraging investors to increase their exposure to the cryptocurrency industry as soon as possible. Bitcoin broke through $80,000 to reach a new all-time high following Trump's victory. Gautam Chhugani, head of research at Bernstein, stated that the Trump administration is expected to adopt pro-crypto policies or appoint a new SEC chairman, which could bring a more friendly regulatory environment for the industry.

The report suggests that investors pay attention to spot Bitcoin and Ethereum ETFs, publicly listed Bitcoin mining companies, enterprises holding Bitcoin, and cryptocurrency trading platforms (such as Robinhood and Coinbase). Furthermore, Bernstein expects Bitcoin to reach $200,000 by the end of 2025 and recommends that investors purchase major digital assets such as BTC, ETH, and SOL.

Geoff Kendrick, the head of foreign exchange and digital asset research at Standard Chartered Bank, also predicts that Bitcoin will continue to rise to $100,000 by the end of this year, easily reaching that level before the expiration of certain Bitcoin options on December 27. It is reported that this analyst successfully predicted Bitcoin reaching $80,000 ahead of the U.S. presidential election.

Kendrick said in an email last Sunday: "I predict that the price of 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 cannot reach $125,000 by December 31, I believe it will reach that level by January 20."

Kendrick further predicts that given the recent increases in Ethereum and Solana, a rise in Bitcoin prices could "benefit all investors," with some tokens potentially outperforming Bitcoin. Kendrick wrote: "It seems inevitable that SOL will hit a new all-time high by the end of this year (the historical high of $260 was set in November 2021). ETH may have to wait until around the inauguration to reach its all-time high (the historical high of $4,866 was set in November 2021). Overall, we believe that these assets will continue to rise, but among them, SOL may perform the best.

The cryptocurrency fund management institution EMC Labs stated in this week's "EMC Bitcoin Weekly Observation" that with the outcome of the US elections confirmed, the US stock market has seen a significant surge. Traders are betting on increased certainty of US corporate profits in a tax cut and low interest rate environment, and the US stock market is expected to continue to rise in the medium to long term. Against this backdrop, BTC ETFs saw an inflow of $1.728 billion in a single week, while the late-coming stablecoin channel saw an inflow of $4.776 billion, totaling $6.504 billion, setting a record for the largest weekly inflow since 2024. Last week, BTC broke through the new high consolidation zone of $73,000 and the rising trend line resistance of $75,000, returning to the rising trend line after 8 months. With robust liquidity driving the market, BTC is expected to continue its upward trend, and Altcoins will also experience a general bullish market.