Bitcoin(BTC) Nears $2 Trillion Market Cap After a New All-Time High of $89,467

In the early hours of today, Bitcoin(BTC), briefly crossed the new all-time high of $89,467, and is now inching closer towards a market cap of $2 Trillion soon.

At the time of writing, BTC is hovering around $88,703.95, after a surge of 10.10% in the past day. The consistent pumping has propelled BTC to a market cap of $1.75 Trillion, after taking over Silver’s market cap. The 24 hour market volume jumped 41.65% to $116.47 Billion.

Courtesy: Coinmarketcap

Technically speaking, Oscillators indicate a ‘Buy’ Action, meanwhile Moving Averages are hinting to ‘Strong Buy’ Action. Market analysts marked the $82,000 to $85,000 as a psychological resistance range, but Bitcoin has gone well-past against this range.

The rally was triggered by the victory of Donald Trump over his US Presidential rival, Kamala Harris on 6th November, and since then the crypto industry, on the whole, has seen a positive market trend.

According to CoinShares latest Digital Asset Fund Flows report, the inflows associated with the crypto market rally have shot the total assets under management of crypto investment products to a $116 billion high.

The report also revealed that Bitcoin-focused investment products saw $1.79 billion of inflows over the past week, while Ethereum-focused products saw $157 million of inflows.

It is worth mentioning that the global cryptocurrency market cap today is $3.12 Trillion, which is a 6.8% uptick in the last 24 hours. Moreover, the total cryptocurrency trading volume in the last day is at $356 Billion. BTC dominance is at 56.3% and Ethereum dominance is at 13%. The ‘spill-over effect’ of Bitcoin surge underlines Ethereum’s surge of 5.75% to the current trading price of $3,367.27.

Apart from this, Solana too, grew by 4.94% to the trading price of $221.01. In fact, SOL has crossed the $100 Billion market cap figure. Digital Asset Fund Flows report also shed light on Solana-focused products witnessing an inflow of $3.9 million of inflows.

Also Read: Here is Why Bitcoin is Going to be Worth $100,000 by November