Bitcoin at 89k, Solana Soars Close to All Time Highs at $222, Bitcoin ETF Trading Volume Increases to $38 Billion: Nov 12

Bitcoin is currently priced at $88,637 showing a +10.30% increase, while Ethereum is at $3,371, up by +5.89% in the past 24 hours. The market's 24-hour long/short ratio in the futures market was almost balanced at 51.2% long versus 48.8% short positions. The Fear and Greed Index, which measures market sentiment, was at 76 yesterday and is now at Extreme Greed level at 80 today. Bitcoin and Solana are soaring to new heights today. Bitcoin hit a new all-time high of $89,000, edging closer to the milestone of $100,000. Solana also surged, reaching $222 and sparking optimism about breaking its previous record at $260. 

1. Bitcoin surpassed $89,000 today and now BTC’s market value exceeds silver.

2. Total open interest in Bitcoin contracts across the network exceeds $50 billion, setting a new record.

3. Circle announced that USDC will soon support Unichain.

4. Circle introduces a new concept, supporting AI agents to operate and trade independently using USDC.

5. MicroStrategy acquires 27,200 BTC for approximately $2.03 billion.

Crypto Fear & Greed Index | Source: Alternative.me 

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Read More: Top Cryptos to Watch as Bitcoin Crosses $81,000 and Crypto Market Enters 'Extreme Greed' Zone

BTC/USDT Price 11/12/24 Source: KuCoin

Bitcoin hit $89,000, just 12% away from the elusive $100,000 mark. Analysts point to increased spot Bitcoin ETF inflows and heightened market volatility. Many see this rally as a sign of growing confidence in Bitcoin's value, especially with regulatory clarity in sight.

Investors predict this crypto bull run will extend into 2025, likely peaking in the second half. Analysts at MV Global see these trends as indicators of growing institutional involvement in Bitcoin.

Polymarket's odds for Bitcoin breaking $100,000 by the end of 2024 surged to 54% after the price reached $89,000. Earlier in the day, "yes" shares on the prediction market traded at $0.32. By the afternoon, they reached $0.57, a 78% jump. Trading volume surpassed $2.6 million, reflecting increased betting on Bitcoin hitting the big $100K. As of November 11, Bitcoin was trading at $86,512, marking an 8.1% gain in just 24 hours.

Source: Polymarket

Bitcoin’s recent surge attracted significant attention, with $88.4 billion traded in a day. During that time, $193 million in liquidations took place, indicating rapid market movement. Polymarket, a decentralized prediction platform founded by Shayne Coplan, saw $6.01 billion in cumulative volume by November 11. Most of this activity centered around the U.S. presidential election but shifted quickly as Bitcoin gained momentum.

Solana’s native token (SOL) surged 35% between November 5 and November 11, reaching $222. This rally brought SOL within 20% of its all-time high of $260. Investors believe the price surge could continue, especially following Bitcoin’s recent performance. Increased institutional inflows and optimism around U.S. regulatory developments have contributed to this bullish sentiment.

Solana total value locked (TVL) in USD. Source: DefiLlama

Solana has also outperformed other altcoins, which saw a 33% increase over the same six-day period. Investor confidence in Solana is growing, driven by an increase in smart contract activity. Total Value Locked (TVL) on Solana reached $7.6 billion by November 10, its highest since December 2021. Key decentralized apps like Jito, Raydium, Drift, and Binance’s liquid staking drove a 36% growth in deposits.

While some criticize Solana for its reliance on memecoins like Dogwifhat, Bonk, and Popcat, the blockchain's activity extends beyond just meme assets. Platforms like Pump.fun have boosted decentralized exchange (DEX) volumes on Solana, with weekly volumes hitting $17.1 billion by November 2. This level of activity hasn’t been seen since March 2024 and gave Solana a 26% share of the DEX market, even overtaking Ethereum. In November, Solana collected $88.2 million in monthly fees, strengthening its network security.

Compared to other blockchains, Ethereum collected $131.6 million, while Tron earned $49.1 million over 30 days. Solana’s ability to generate significant revenues despite its smaller TVL demonstrates its growing influence in the blockchain ecosystem. Magic Eden, Solana’s leading NFT marketplace, saw over 77,000 active addresses in 30 days, surpassing Ethereum’s OpenSea, which had 37,940 active addresses.

This data shows that Solana's appeal goes beyond memecoins. Traders are also using Solana for NFTs and other decentralized activities, contributing to its growth. Analysts have pointed out that SOL futures funding rates recently jumped to 5%, indicating some over-enthusiasm. However, as of November 11, rates settled back to a neutral 1.8%, suggesting a healthy balance between leverage and spot activity.

Solana weekly DEX volumes, USD. Source: DefiLlama

Source: The Block

Bitcoin's latest rally sparked explosive trading activity. On November 11, Bitcoin hit a new high of $89,000. This surge pushed combined daily trading volume for Bitcoin ETFs, MicroStrategy, and Coinbase shares to $38 billion. This record volume shows growing investor interest as Bitcoin closes in on the $100,000 milestone.

Bitcoin Pushes Trading Volume to Record Levels

Bitcoin jumped 11% to reach $89,500 on November 11. The price rally drove massive trading in US spot Bitcoin ETFs, MicroStrategy (MSTR), and Coinbase (COIN). Combined trading volume hit a record $38 billion. This smashed the previous $25 million high set in March. Bloomberg ETF analyst Eric Balchunas called it a day of “lifetime records being set everywhere.”

BlackRock's iShares Bitcoin Trust ETF (IBIT) alone saw $4.5 billion in trading. Balchunas described it as a week of intense inflows. He said, "It really deserves a name like Volmageddon." The massive activity showed all-time high investor interest in Bitcoin and related assets.

MicroStrategy and Coinbase Stocks Surge 20-25%

MicroStrategy stock jumped 25% to $340 on November 11. The stock hit a new peak, surpassing its previous high from nearly 25 years ago. Trading volume in MicroStrategy stock reached $12 billion. On the same day, MicroStrategy announced the purchase of 27,200 more Bitcoin for $2.03 billion, bringing its total holdings to 279,420 BTC.

Coinbase stock also rallied. COIN climbed almost 20%, closing at $324.2. This marked the first time COIN passed $300 since 2021. MicroStrategy and Coinbase ranked among the top five most-traded stocks during early trading on November 11. They even outpaced Apple and Microsoft, showing intense interest in crypto-related companies.

Bitcoin and Solana have gained significant traction, with Bitcoin nearing $100,000 and Solana pushing towards a new all-time high. Market sentiment is strong, fueled by growing institutional interest and favorable regulatory signs. Both assets show increased activity, and investors remain optimistic. 

Bitcoin's surge to $89,000 triggered record trading volumes in Bitcoin ETFs, MicroStrategy, and Coinbase. The $38 billion volume set a new high and highlighted the market's enthusiasm for Bitcoin as it nears $100,000. Investor interest is strong and stocks related to Bitcoin are seeing the benefits of this excitement.

The next few weeks could prove critical as these two major cryptocurrencies attempt to set new milestones and define the next phase of the market cycle.

Read more: Top Cryptos to Watch as Bitcoin Crosses $81,000 and Crypto Market Enters 'Extreme Greed' Zone