Since the U.S. presidential election on November 6, Bitcoin’s price has skyrocketed from $68,800 to its highest point at $89,530 early on November 12, marking a 30.1% increase. Bitcoin’s growth rate reached a new record, with its price rising by $1,000 per hour at one point, marking the largest daily increase in Bitcoin’s 15-year history.
Confidence in Bitcoin’s long-term growth was further bolstered by Donald Trump’s election victory, as investors anticipate that his presidency may bring more crypto-friendly policies. Data from Coin Metrics shows BTC has recorded its seventh consecutive day of gains, with many investors expecting it to set new records as it aims for $100,000 by the end of the year.
Driven by Bitcoin’s performance, the total crypto market cap hit a new all-time high of $3.12 trillion on the morning of November 12, surpassing the previous record of $3.07 trillion set in November 2021. Bitcoin’s market cap alone has reached $1.75 trillion, placing it as the seventh most valuable asset globally, even surpassing silver.
Meanwhile, the stablecoin Tether (USDT) issued an additional $2 billion on the Ethereum blockchain, bringing its market cap to $124 billion. The overall stablecoin market cap has now reached $179 billion, nearing the record of $187 billion set in early May 2022 before the LUNA-UST collapse.
Not only Bitcoin but also leading altcoins like Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) benefited from this growth wave. Ethereum has marked its seventh consecutive day of gains, nearing the $3,400 mark. Over the past 24 hours, ETH’s price increased by more than 3% and is currently trading around $3,308.
Additionally, other altcoins such as Worldcoin (WLD), UNUS SED LEO (LEO), BitTorrent (BTT), Dogecoin (DOGE), Brett (BRETT), and Render (RNDR) all recorded daily gains exceeding 20%. Major projects like Starknet (STRK), NEAR Protocol (NEAR), Aptos (APT), Avalanche (AVAX), THORChain (RUNE), Core (CORE), The Graph (GRT), and VeChain (VET) also posted gains over 10%.
Bitcoin’s strong upward momentum has driven the odds on Polymarket for Bitcoin surpassing $100,000 before year-end to rise to 56%. The price of a share in this prediction was $0.32 on the evening of November 11 and had soared to $0.57 by early morning on November 12. Total trading volume for this bet has exceeded $2.8 million, reflecting an exceptionally optimistic sentiment among investors.
With its new peak of $89,500, Bitcoin continues to affirm its leading role in the cryptocurrency market. Alongside Bitcoin’s rally, the record-setting market cap indicates the sector’s strong appeal to investors. If the current growth momentum persists, the target of $100,000 for Bitcoin by year-end no longer seems out of reach.
Related news: Bitwise Executive Predicts Bitcoin Could Reach $92K with Trump Election Victory
