Bitcoin Tops $88K, Catapulting MicroStrategy to 24-Year Record Amid Supercharged Crypto Rally
2024-11-12

The crypto rally shows no signs of slowing after a week since the U.S. elections.
Bitcoin {{BTC}} on Monday continued to climb to new all-time highs, blasting through the $88,000 level during U.S. trading hours, adding another 11.3% to its gains in the past 24 hours. The largest and oldest crypto's latest all-time high was $88,448, per CoinDesk Bitcoin Index (XBX) data. Its market capitalization currently stands around $1.37 trillion, surpassing silver's, according to Infinite Market Cap data. Last time BTC's market cap overtook silver's was earlier this year, fueled by continued positive sentiment around the spot exchange-traded funds (ETFs).
BTC led the market higher, as the broad-market benchmark CoinDesk 20 Index (CD20) lagged with a respectable 7.9% advance during the same period. Ethereum's ether {{ETH}} was up 6.4% surpassing $3,300, while solana {{SOL}} topped $220 with a 6.7% gain.
Native tokens of Aptos {{APT}}, Near {{NEAR}} and Render {{RNDR}} were the best-performing constituents of the CD20 index, surging 18%-25%.
Crypto-related stocks jumped double-digit percentages at the opening due to the weekend crypto rally, and climbed even more during the day. Crypto exchange Coinbase's CCOIN shares closed the session almost 20% up, topping $320 for the first time since November 2021. Bitcoin miners MARA Holdings (MARA), CleanSpark (CLSK) and Hut 8 (HUT) booked 25%-30% gains.
MicroStrategy MMSTR, the Nasdaq-listed software company with the largest corporate bitcoin treasury, melted up 25%, closing the day at a new all-time high price of $340, overcoming its 24-year old record from the dotcom bubble era. The company announced on Monday that it acquired 27,200 BTC, bringing its total holdings to 279,420 bitcoin, worth about $24.5 billion at current price.
Cryptocurrency prices exploded higher since Donald Trump's U.S. election victory on Tuesday as investors anticipate a friendlier approach towards digital assets during his presidency with Republicans looking increasingly likely to take control of both houses of the legislation. Bitcoin gained 27% in a week, while many altcoins surged double or triple of that.
"Market might seem frothy to some but please understand that we just went from an objectively oppressive regulatory regime to an overtly friendly one overnight," Sean Farrell, head of digital asset strategy at Fundstrat, said in an X post Monday. "Charts have every right to show step-function-like returns here."