Bitcoin Nears $90,000 as Rally Gains Steam

Cryptocurrency Market Surges as Bitcoin Breaks Records

The cryptocurrency market continues to rally, with Bitcoin (BTC) leading the charge. The leading digital asset has shattered record highs daily, reaching $88,119 after an all-time peak of $89,518 earlier this morning, edging closer to the coveted $90,000 mark. Over the past week, Bitcoin has surged 30%, pushing its year-to-date gains to over 120%, according to data from Coinmarketcap.

This bullish momentum is partly driven by global sentiment, which has reached "Extreme Greed" according to the Crypto Greed and Fear Index. The market's optimism is fueled by the election of Donald Trump as the 47th president of the United States, perceived by many as a signal of crypto-friendly policies, including favorable regulatory changes and potential government support for digital assets.

"While inflation pressures have eased with recent rate cuts globally, the Trump administration's ambitious spending plans and potential tariffs could quickly reignite upward pressure on prices. This inflationary backdrop is encouraging investors to turn to Bitcoin as a safeguard against diminishing purchasing power," said Nigel Green, deVere Group CEO, in a research note.

Green predicts that Bitcoin could hit $100,000 by the end of January 2025 after Trump takes office.

Market Cap Crosses Milestone

As the global cryptocurrency market cap surpassed $3 trillion, Standard Chartered bank has made bold projections for its future. In a research report, the bank suggests that with the right policy shifts under the new US administration, the market cap could quadruple to $10 trillion by 2026. According to Geoff Kendrick, Standard Chartered's head of digital assets research, this growth would be fueled by regulatory changes, leadership shifts at the SEC, and increased institutional involvement.

MicroStrategy Continues Bitcoin Accumulation

MicroStrategy, the largest corporate holder of Bitcoin, continues to build its position. The company now holds 279,420 BTC, worth an estimated $22.95 billion, representing a 91% return on its investment strategy. MicroStrategy's CEO, Michael Saylor, has been a vocal advocate for Bitcoin as a treasury asset.

On November 11, MicroStrategy acquired an additional 27,200 BTC for approximately $2.03 billion, with an average price of $74,463 per coin. This brings its total Bitcoin holdings to nearly 280,000 BTC.

Dogecoin, Solana, and Other Altcoins Surge

Bitcoin's rally has triggered a bullish run across the altcoin market. Ethereum (ETH) has gained almost 40% in the past week, while the meme cryptocurrency Dogecoin (DOGE) has skyrocketed.

Dogecoin's price has soared 24% in the last 24 hours and an astonishing 120% in the past week, reaching $0.363. This surge is attributed to its growing attention following Elon Musk's recent comments related to the US presidential election.

Other altcoins, such as Polkadot (DOT) and Solana (SOL), have also shown strong performance. Polkadot rose 6% in the past 24 hours, while Solana gained 5%, reflecting the positive sentiment in the market.