Bitcoin has surged toward the $90,000 milestone, reaching a new all-time high and pushing its market capitalization past that of silver—officially making it the eighth-largest asset globally. On November 12, Bitcoin climbed above $89,000 on OKX and continued its bullish momentum with a 24-hour gain of 11.52%, signaling strong investor confidence and renewed market enthusiasm.
This surge has elevated Bitcoin’s total market value to approximately **$1.757 trillion**, surpassing both physical silver and the Vanguard Total Stock Market ETF. The broader cryptocurrency market followed suit, with global crypto market cap breaking past the previous peak of $3.1 trillion set in November 2021.
A New Era for Digital Assets
The rally isn’t limited to Bitcoin alone. Ethereum rose above $3,345—the highest since late July—while Dogecoin surged 19.57%. Other notable gains include CRO (up 33.99%) and WLD (up 27.57%). The momentum extended beyond digital tokens into traditional markets, with crypto-related equities and ETFs posting significant gains.
Hong Kong-listed crypto概念股 such as Lan Gaming Interactive (+27.94%), OKLink Group (+16.50%), Hashkey Technology Holdings (+15.38%), and OSL Group (+13.91%) all saw double-digit increases. Meanwhile, spot Bitcoin and Ethereum ETFs in Hong Kong also rallied: Boshi Bitcoin ETF gained nearly 15%, China Asset Management’s Bitcoin ETF rose over 10%, and Ethereum-based funds saw gains between 3% and 4%.
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Trump’s Win Fuels “Crypto-Friendly” Market Sentiment
A key catalyst behind this rally is the U.S. election outcome. Donald Trump’s victory has been widely interpreted as a positive signal for the crypto industry. Throughout his campaign, Trump positioned himself as a pro-innovation candidate, accepting cryptocurrency donations and pledging strong support for blockchain technology.
At the 2024 Bitcoin Conference, he declared: “I will be the most pro-innovation, pro-Bitcoin president in U.S. history.” He further promised to make Bitcoin a strategic reserve asset if re-elected—a move that could fundamentally alter federal digital asset policy.
Currently, the U.S. government holds over 210,000 BTC, valued at around $14 billion. Trump has stated that under his administration, these holdings would be fully preserved—eliminating fears of government-driven sell-offs that often weigh on market sentiment.
Jeffrey Ding, Chief Analyst at HashKey Group, believes this policy direction could have profound implications:
“If Bitcoin becomes part of America’s strategic reserves, not only will supply pressure ease, but potential government purchases could inject new demand—opening fresh upside potential for the market.”
Institutional Demand Strengthens Market Foundation
Beyond politics, institutional accumulation continues to fuel confidence. MicroStrategy recently acquired an additional 27,200 BTC at an average price of $74,463 per coin, spending $2.03 billion. As of November 10, 2024, the company’s total holdings reached 279,420 BTC.
Tesla’s Bitcoin position has also rebounded, now valued at $1 billion, according to data shared by Arkham Intelligence on X.
Such moves reinforce Bitcoin’s role not just as a speculative asset but as a long-term store of value—a narrative increasingly embraced by corporations and financial institutions alike.
Regulatory Shifts on the Horizon
While past regulatory actions—particularly by the U.S. Securities and Exchange Commission (SEC)—have created uncertainty, signs point to a potential shift under the incoming administration.
In 2023 alone, the SEC initiated 46 enforcement actions against crypto firms, a 53% increase from the prior year, resulting in nearly $2.9 billion in penalties. Industry estimates suggest U.S. crypto companies have spent over **$400 million** combating regulatory challenges since Gary Gensler took leadership.
However, analysts anticipate a more balanced approach moving forward. The proposed Financial Innovation and Technology for the 21st Century Act (FIT21) may gain traction under new leadership. This bipartisan bill aims to clarify regulatory jurisdiction over digital assets and promote innovation within a compliant framework.
NYDIG highlighted in a recent report that stablecoin legislation and broader fintech reforms are likely to receive stronger support in the coming term—potentially unlocking institutional participation and mainstream adoption.
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Web3 and DeFi Poised for Acceleration
As Bitcoin solidifies its status as a macro asset, attention is turning to next-generation ecosystems. Web3 and decentralized finance (DeFi) are expected to benefit from both technological advancement and improved regulatory clarity.
Zhaowei Zhao, Senior Researcher at OKX Institute, notes:
“Bitcoin and stablecoins are no longer just trading tools—they’re emerging as core components of global value storage. In parallel, DeFi protocols and privacy-enhancing technologies will play critical roles in building secure, transparent financial infrastructure.”
With growing user adoption comes increased demand for security and privacy. Innovations in zero-knowledge proofs, multi-party computation, and decentralized identity systems are expected to enhance trust and usability across platforms.
FAQs: Your Key Questions Answered
Q: Why did Bitcoin surge toward $90,000?
A: The rally was driven by a combination of Trump’s election win—seen as favorable for crypto policy—strong institutional buying (e.g., MicroStrategy), and rising optimism around regulatory reform like the FIT21 Act.
Q: Has Bitcoin really surpassed silver in market cap?
A: Yes. With Bitcoin trading near $89,000 and a circulating supply of ~19.7 million BTC, its market cap (~$1.757T) now exceeds silver’s estimated value (~$1.6T), placing it among the world’s top eight assets.
Q: Could Bitcoin become part of U.S. strategic reserves?
A: While not yet official policy, Trump has publicly committed to preserving existing government-held BTC and designating it as a strategic asset—a move that could legitimize digital currencies at the national level.
Q: What impact do ETFs have on Bitcoin’s price?
A: Spot Bitcoin ETFs increase accessibility for retail and institutional investors, boosting liquidity and reducing volatility. Their performance reflects growing mainstream acceptance and can amplify upward price trends.
Q: Is the crypto market still risky despite recent gains?
A: Absolutely. Despite bullish momentum, regulatory uncertainty, macroeconomic shifts, and technological risks remain. Investors should conduct due diligence and consider diversification strategies.
Q: How might FIT21 affect crypto investors?
A: If passed, FIT21 would establish clearer rules for token classification, reduce regulatory overlap between agencies like the SEC and CFTC, and foster innovation—potentially accelerating product launches and investor protection.
Bitcoin’s ascent toward $90K marks more than just a price milestone—it reflects a maturing ecosystem where macro policy, institutional adoption, and technological progress converge. As regulatory landscapes evolve and digital assets gain legitimacy, the path forward appears increasingly aligned with long-term value creation.
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