Key Points
- Bitcoin (BTC) nearly reached $90,000, making it the eighth-largest asset worldwide.
- The cryptocurrency’s market cap surged to $1.77 trillion, surpassing silver’s value.
Bitcoin came close to the $90,000 mark earlier today, securing its place as the eighth-largest asset globally.
The cryptocurrency achieved a new all-time high of $89,604, while the overall crypto market also saw substantial gains. The global crypto market cap even reached an all-time high of $3.11 trillion.
Bitcoin’s Market Cap Surges
After the rally, Bitcoin’s market cap rose to $1.77 trillion. This increase allowed it to surpass silver’s market cap of $1.7 trillion and approach the $1.8 trillion market cap of Saudi Aramco, a Saudi Arabian petroleum and gas company.
This rally was partly due to the $1.1 billion net inflows into U.S.-based spot BTC exchange-traded funds on November 11.
Additionally, Bitcoin’s whale transactions exceeded the $100 billion mark. Large whale transactions can often incite a fear of missing out among retail investors, leading to significant inflows.
The Journey to $100k
Bitcoin’s upward momentum seems to have slowed after nearing $90,000. This is a typical cycle as some investors will take profits following substantial gains.
A poll with a $238,000 volume on Polymarket shows a 40% chance of Bitcoin surpassing $100,000. Another poll, with a betting volume of $3.6 million, suggests an 80% chance of BTC reaching $90,000. The odds of Bitcoin reaching $95,000 and $105,000 are 57% and 20%, respectively.
On Kalshi, a market prediction platform, the probability of the BTC price hitting the $100,000 mark remains at 45%.
Bitcoin is currently trading below $87,000 as the broader market also shows signs of a cool-down. The global crypto market cap has also decreased to $3.08 trillion.
The upcoming U.S. Consumer Price Index report for October, scheduled for Nov. 13, could either bolster the bull run or potentially alter its direction. The CPI report reflects the inflation rate in the U.S.
The CPI for September was 2.4% and is projected to reach 2.6% for the previous month. Notably, the inflation report is a crucial factor in the December interest rate decision-making process.
