MicroStrategy buys another $2 billion worth of Bitcoin, BTC rises above $89,000, and the total market value of global cryptocurrencies hits a new high

Author: Joy, PANews

After 3 years, with the help of Bitcoin's new high, the total market value of global cryptocurrencies reached 3.11 trillion US dollars on November 12, up 6.8% in the past 24 hours, breaking through the previous high of 3.069 trillion US dollars on November 9, 2021. The current market value of Bitcoin accounts for 56.3%, and Ethereum accounts for 13%.

MicroStrategy buys $ 2 billion worth of BTC

On the evening of November 11, after MicroStrategy, a U.S. listed company, announced again that it had bought Bitcoin, Bitcoin began to rise rapidly, rising continuously from $82,000 to a new high of $89,000 at 7 o'clock this morning.

MicroStrategy's purchase announcement stated that it purchased 27,200 bitcoins between October 31 and November 10, spending approximately $2.03 billion, with an average purchase price of approximately $74,463 per bitcoin. The funds for this purchase came from the company's ATM stock sales activities. Currently, MicroStrategy's total holdings have reached 279,420 bitcoins, with a total purchase cost of approximately $11.9 billion and an average purchase price of approximately $42,692 per bitcoin. Based on the estimated price of $89,000 for Bitcoin, MicroStrategy's Bitcoin holdings have a floating profit of approximately $12.9 billion.

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

As Bitcoin rises, cryptocurrencies generally rise. The current global cryptocurrency market value is about 3.11 trillion US dollars, up 6.8% in the past 24 hours, breaking the previous high of 3.069 trillion US dollars on November 9, 2021. The current market value of Bitcoin accounts for 56.3%, Ethereum accounts for 13%, and the cryptocurrency trading volume in the past 24 hours is about 355.68 billion US dollars.

Tether accelerates money printing, analysts continue to be bullish

Amid the market enthusiasm, the "Federal Reserve" of the currency circle also started printing money.

Around 01:07 am Beijing time, Tether Treasury minted 2 billion USDT on Ethereum. Tether CEO Paolo Ardoino said this was an authorized but unissued transaction, which means it will be used as inventory for the next issuance request and on-chain exchange. According to EMC Labs statistics, stablecoins have grown by $4.776 billion last week.

Bernstein analysts released a bullish report after the US election, encouraging investors to increase their exposure to the crypto industry as soon as possible. Bitcoin broke through $80,000 to set a record high after Trump's victory. Gautam Chhugani, head of research at Bernstein, said that the Trump administration is expected to adopt pro-crypto policies or appoint a new SEC chairman, which may bring a more friendly regulatory environment to the industry.

The report recommends 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. In addition, Bernstein expects Bitcoin to reach $200,000 by the end of 2025, and recommends investors to buy major digital assets such as BTC, ETH, and SOL.

Geoff Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, also predicted that Bitcoin will continue to rise until the end of the year, "easily reaching" $100,000 before certain Bitcoin options expire on December 27. It is reported that the analyst successfully predicted that Bitcoin would reach $80,000 before the US presidential election.

“I’m predicting $125k by year end as the next level, although I noticed that after the 2016 election, a lot of Trump-related activity peaked around the inauguration on January 20th… So if Bitcoin doesn’t get to $125k by December 31st, I think it will be there by January 20th,” Kendrick said in an email on Sunday.

Kendrick further predicted that a rise in Bitcoin prices could “benefit all investors” given Ethereum and Solana’s recent gains, and that some tokens could outperform Bitcoin. Kendrick wrote: “It seems inevitable that SOL will hit a new all-time high before the end of the year (historical high of $260 in November 2021). ETH hitting a new all-time high (historical high of $4,866 in November 2021) may not be achieved until about the inauguration. Overall, we think all of these assets will continue to rise, but SOL may perform the best among them.”

EMC Labs, a crypto fund management agency, said in the "EMC Bitcoin Weekly Watch" released this week that the US election has settled, the US stock market has seen a sharp rise, and traders are betting that the certainty of US corporate profits will increase under the environment of tax cuts and low interest rates, and US stocks will continue to rise in the medium and long term. Against this background, BTC ETFs received $1.728 billion in a single week, and the later-developed stablecoin channel received $4.776 billion in a single week, with a total inflow of $6.504 billion, setting a record for 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 of $75,000, returning to the upward trend line after 8 months. Driven by strong liquidity, BTC is expected to continue to rise in the future, and Altcoins will also usher in a general rise.