Bitcoin Nears $90,000, Surpasses Silver in Global Asset Value

Bitcoin (BTC) reached a record high of $89,604 on November 11th, contributing to an impressive surge in the cryptocurrency market. The global crypto market capitalization also achieved an all-time high of $3.11 trillion.

Following the rally, Bitcoin's market capitalization surged to $1.77 trillion, surpassing silver's valuation of $1.7 trillion and approaching the $1.8 trillion market cap of Saudi Aramco, the Saudi Arabian oil and gas company.

One key factor driving the surge was the $1.1 billion net inflows into U.S.-based spot BTC exchange-traded funds on November 11th.

Furthermore, data from IntoTheBlock indicates that Bitcoin whale transactions have exceeded $100 billion. Large volumes of whale transactions often trigger a fear of missing out among retail investors, leading to significant inflows.

The Road to $100,000

Bitcoin's upward momentum has abated since approaching $90,000, as some investors are taking profits after substantial gains.

A poll on Polymarket with a $238,000 volume suggests a 40% probability of Bitcoin surpassing $100,000. Another ballot, with a betting volume of $3.6 million, indicates an 80% chance of BTC reaching $90,000. The odds of Bitcoin touching $95,000 and $105,000 are 57% and 20%, respectively.

On Kalshi, a market prediction platform, the likelihood of BTC reaching $100,000 remains at 45%. Bitcoin is currently trading below $87,000, and the broader market is also showing signs of cooling down.

The upcoming U.S. Consumer Price Index (CPI) report for October, scheduled for November 13th, could either bolster the bull run or potentially alter its direction. The CPI report measures the inflation rate in the U.S.

The September CPI was 2.4%, and it is projected to rise to 2.6% in October. Notably, the inflation report is a crucial factor in the December interest rate decision.