Steven Powell
November 13
The Bitcoin price continues its upward climb, with the premier cryptocurrency once again hitting a new all-time high today. The price of Bitcoin reached $89,000, coming just a step away from the $90,000 mark, after which a correction set in - consolidation is currently taking place around $87,000. The increase over the last 24 hours was 9.8%, allowing Bitcoin to post the largest one-day gain in its history - $8,343, according to CoinGecko data.
Other cryptocurrencies are also seeing significant fluctuations - Dogecoin surged by 44.4%, while Ethereum rose by 6.4%. Against this backdrop, the total crypto market capitalization reached a new all-time high, hitting $3.11 trillion and surpassing the previous record set in November 2021.
Bitcoin’s market capitalization currently stands at $1.748 trillion, allowing it to surpass assets such as silver in value, according to data from CompaniesMarketCap. Meanwhile, gold’s market cap remains about 10 times higher, at approximately $17.55 trillion. This growth underscores a steady trend of strengthening cryptocurrency’s position in the financial world.
At the same time, record volumes of liquidated short positions in Bitcoin futures and other derivatives have been recorded. Over the past 24 hours, the volume of liquidated positions exceeded $400 million, setting a new record, while the previous high of $266 million was recorded in August, as reported by CoinGlass. Data from The Block shows that the total open interest in Bitcoin futures has also increased—reaching $36.86 billion compared to $31.64 billion on November 4. This points to an active market and a significant growth in interest in futures trading.
Amidst the current excitement, the Crypto Fear and Greed Index is at 80, indicating a FOMO (fear of missing out) effect among market participants. In March, the metric reached a one-year high of 90, reflecting heightened interest and buying sentiment among investors.
Brokerage firm Bernstein has urged its clients to “add crypto assets to their portfolios as soon as possible,” noting that the current market conditions present unique opportunities.
