Bitcoin hit a jaw-dropping all-time high of $89,500 early Tuesday morning in Asian markets, reaching new heights no one would have dared to predict just a few weeks ago.
This recent peak didn’t happen by chance—it’s the climax of a two-week rally where Bitcoin jumped 32% from a low of $66,700 on November 6. Now that Bitcoin’s market cap has surpassed Silver’s, the buzz is growing: will this rally keep pushing higher, or are we headed for a cooldown?
With Bitcoin’s market cap at $1.74 trillion, it now ranks as the eighth largest asset in the world, even ahead of silver, which sits at $1.725 trillion. The next milestone? Potentially overtaking Saudi Aramco’s $1.827 trillion. That’s pretty wild when you think about Bitcoin’s journey from a niche asset to a trillion-dollar heavyweight. Meanwhile, tech giants like Apple, Microsoft, and NVIDIA are showing mixed results, unlike Tesla, which saw a 9.6% boost (perhaps thanks to its 9,720 BTC holding). There’s a lot of energy around Bitcoin right now—more than tech stocks can claim at the moment.
Some say Bitcoin’s surge has a political angle. On November 5, former President Donald Trump won the U.S. presidential election, and his known interest in Bitcoin might be attracting high-value investors. With gold down nearly 3%, some see Bitcoin as a hedge against economic uncertainty.
Trump’s win could potentially fuel Bitcoin’s popularity even more, adding momentum to an already thriving market.
It’s not just retail investors jumping in—major institutional players are piling on, too. BlackRock’s iShares Bitcoin ETF (IBIT) saw a whopping $1 billion in trades right after the election. Same amount was witnessed in the first half hour of trading on Monday. High trading volumes like this signal strong interest, especially from mainstream investors who might have seen Bitcoin as “too risky” just a few years ago. Clearly, attitudes are shifting.
The big question now: can Bitcoin sustain this rally, or is a correction coming? Bitcoin’s Relative Strength Index (RSI) reached 84.56, a level that signals an overbought market, suggesting a pullback could be near. However, with current excitement, the price action may yet surprise us.
Bitcoin’s journey is as unpredictable as ever, and all eyes are on its next move.
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