The cryptocurrency market is once again getting close to all-time highs. The market capitalization has recovered more than $3 trillion because of recent rallies and rekindled institutional interest. The last time this level was attained was in 2021.
Source: Coinpedia
The market for cryptocurrencies is expanding significantly. Bitcoin (BTC) is at the forefront, breaking records every day. As institutional and individual investors become more interested in digital assets, altcoins are also becoming more valuable.
After reaching an all-time high of $89,518 earlier this morning, Bitcoin is now at about $88,119, up an incredible 8% over the last day. It is also getting closer to the highly expected $90,000 level. Bitcoin has increased by almost 30% in the last week, bringing its year-to-date gains to over 120%, according to Coinmarketcap data.
Global attitude has reached “Extreme Greed,” according to the Crypto greed and Fear Index (now at 80), which contributes to this positive trend. Green believes that by the end of January 2025, when Donald Trump assumes president, Bitcoin may reach $100,000.
Market Cap Hits a Significant Mark
Recently, the total value of the world’s cryptocurrency market topped $3 trillion. At the moment, it is $2.95T. Standard Chartered Bank has boldly forecast the cryptocurrency market’s future.
Source: Bloomberg New Economy
The next US administration’s policy changes may cause an increase in the value of the global cryptocurrency market. The market capitalization might quadruple from its current value to $10 trillion by 2026 if these changes take place.
MicroStrategy Continues to Amass Bitcoin
The biggest business Bitcoin holder, MicroStrategy, is benefiting from the current surge. Based on an average purchase price of $42,692 per Bitcoin, the company currently owns 279,420 BTC, valued at an estimated $22.95 billion, representing a 91% return on its Bitcoin investment strategy.
Source: Michael Saylor X Post
Michael Saylor, the company’s CEO, has argued in favor of Bitcoin as a treasury asset. Another example of MicroStrategy’s dedication to Bitcoin accumulation is its most recent acquisition.
MicroStrategy said on November 11 that it would buy an additional 27,200 bitcoins for almost $2.03 billion, or $74,463 per bitcoin on average. As a result, it now has close to 280,000 BTC in total.
Significant profits have been generated by the company’s Bitcoin portfolio, which yielded 7.3% in the most recent quarter and 26.4% so far this year.
With its strategic commitment to Bitcoin, MicroStrategy stands to gain a great deal as the cryptocurrency continues to reach new heights. Overnight, the company’s stock surged over 25% to $340, and it is currently trading at $358.06 after hours.
