Following Donald Trump’s re-election, Bitcoin price surged to $80,000, marking a new milestone and sparking optimism in the crypto market. Investors anticipate that Trump’s administration could bring more crypto-friendly regulations, as he has voiced support for making the U.S. a leader in digital currencies. The world’s largest cryptocurrency topped $87,000 for the first time on Monday. As of around 3:45 p.m. ET, bitcoin’s price stood at $87,083, per CoinDesk, up over 28% in the last week alone.
According to Coin Metrics, the price of Bitcoin increased by more than 12%, reaching $89,174 and at one point hitting $89,623 during the trading session last night, November 11, in the US. Ether, the second-largest cryptocurrency, also rose by more than 7%, to $3,371. Other cryptocurrencies such as Cardano and Dogecoin also saw significant growth, rising by 4.7% and 24%, respectively.
Notable Statistics of Bitcoin in November 12
- IntoTheBlock data shows large transaction volume increasing by 52.5% and daily active addresses up by 18.4%. Transactions greater than $100,000 are up from 6,787 to 10,856 in a single day. Exchange netflows are down by 67.1%. 100% of Bitcoin holders are currently in profit.
- Coinglass data reports 193,370 traders were liquidated in the past 24 hours for $681.83 million. Open interest of $48.6 billion is the highest in more than a year.
- Bitcoin Archive reported that Bitcoin ETFs saw $1 billion in trading volume in only 35 minutes.
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Shares of companies holding significant amounts of BTC have also surged. MicroStrategy, a Nasdaq-listed software company with the largest BTC holdings among corporations, increased by 25%, closing on November 11 at an all-time high of $340, surpassing the record set during the “dot-com bubble.” The company also purchased an additional 27,200 BTC, bringing its total holdings to 279,420 Bitcoins, worth approximately $24.5 billion at current prices.
Dogecoin, for instance, is up 86% in the past seven days following a 22% surge in the last 24 hours. On the other hand, Shiba Inu has outperformed Tron, claiming the tenth position on CoinMarketCap’s top ten list of the largest crypto projects by market capitalization. Shiba Inu is up 8.49% and has registered a 50% gain in the last seven days.
As the sector anticipates changes under the upcoming administration, the sentiment remains cautiously optimistic, with digital asset platforms like BTC Markets noting that the entire crypto sector could benefit from a more favorable regulatory environment. “It’s still too early to tell how everything will unfold,” wrote venture capital firm a16z crypto in a blog post. “But there is now a pathway for constructive engagement with regulatory agencies,” the company added.
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