Dogecoin

Bitcoin

Read

Bitcoin almost hit the $90,000 mark earlier today and became the eighth-largest asset in the world. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) <a href="https://crypto.news/bitcoin-nears-90k-long-term-holders-wake-up/" target="_blank">reached</a> an all-time high of $89,604 earlier today as the broader crypto market enjoyed impressive gains — the global crypto market cap also hit an ATH of $3.11 trillion. 
Following the rally, Bitcoin’s market cap surged to $1.77 trillion, <a href="https://companiesmarketcap.com/assets-by-market-cap/" target="_blank" rel="nofollow">surpassing</a> silver’s $1.7 trillion value, and sitting close to the $1.8 trillion market cap of Saudi Aramco, a national Saudi Arabian petroleum and gas company.&nbsp; 
One reason was the $1.1 billion <a href="https://crypto.news/bitcoin-etfs-bring-in-1-1b-as-ether-etfs-see-record-inflows/" target="_blank">net inflows</a> into the U.S.-based spot BTC exchange-traded funds on Monday, Nov. 11.&nbsp; 
Bitcoin’s whale transactions also surpassed the $100 billion mark yesterday, <a href="https://app.intotheblock.com/coin/BTC/quick-view" target="_blank" rel="nofollow">data</a> from IntoTheBlock shows.&nbsp; 
Large waves of whale transactions often trigger the fear of missing out among retail investors, triggering huge inflows. 
 You might also like: <a rel="" href="https://crypto.news/here-bitcoin-reserves-have-changed-since-ftx-collapse/"> How Bitcoin reserves of the largest exchanges changed since the FTX collapse </a> 
<h2 class="wp-block-heading" id="the-road-to-100k">The road to $100k</h2> 
Bitcoin’s upward momentum seems to have cooled down after nearing $90,000. This is a natural cycle as some investors will take profits following massive gains. 
A poll with a $238,000 volume on Polymarket shows a 40% chance of Bitcoin surpassing $100,000.&nbsp; 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="670" height="255" src="https://crypto.news/app/uploads/2024/11/Screenshot-2024-11-12-143605.png" alt="Bitcoin surpassed silver; can BTC reach $100k in November? - 26" class="wp-image-14309905">
 <figcaption class="wp-element-caption">
 Source: <a href="https://polymarket.com/event/will-bitcoin-hit-100k-in-november?tid=1731406246282" target="_blank" rel="nofollow">Polymarket</a>
 </figcaption>
</figure> 
Another ballot, with a betting volume of $3.6 million, suggests an 80% chance of BTC reaching $90,000. The odds of Bitcoin touching $95,000 and $105,000 are sitting at 57% and 20%, respectively, the poll data shows. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="602" height="521" src="https://crypto.news/app/uploads/2024/11/Screenshot-2024-11-12-152447.png" alt="Bitcoin surpassed silver; can BTC reach $100k in November? - 27" class="wp-image-14309906">
 <figcaption class="wp-element-caption">
 Source: <a href="https://polymarket.com/event/what-price-will-bitcoin-hit-in-november" target="_blank" rel="nofollow">Polymarket</a>
 </figcaption>
</figure> 
On Kalshi, a market prediction platform, the chance of the BTC price <a href="https://kalshi.com/markets/btcmax100/when-will-bitcoin-hit-100k#btcmax100-24" target="_blank" rel="nofollow">achieving</a> the $100,000 mark remains at 45%. 
Bitcoin is currently trading below $87,000 as the broader market is also showing signs of a cool-down.&nbsp; 
The global crypto market cap also declined to $3.08 trillion, according to CoinGecko <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a>.&nbsp; 
The incoming U.S. Consumer Price Index report for October, scheduled for Nov. 13, could either strengthen the bull run or potentially change its direction. The CPI report shows the inflation rate in the U.S. 
The CPI for September came at 2.4% and is expected to reach 2.6% for the previous month, according to Trading Economics <a href="https://tradingeconomics.com/united-states/inflation-cpi" target="_blank" rel="nofollow">data</a>. Notably, the inflation report is one of the most important factors in the December <a href="https://crypto.news/will-novembers-rate-cuts-election-push-btc-past-100k/" target="_blank">interest rate</a> decision-making. 
 Read more: <a rel="" href="https://crypto.news/dogecoin-hit-60b-market-cap-can-it-reach-new-all-time-high/"> Dogecoin hit $60b market cap; can it reach new all-time high? </a>

Bitcoin surpassed silver; can BTC reach $100k in November?

Table of Contents

crypto.news

Other articles published on Nov 12, 2024

Ethereum funding rate hits 8-month high — Is an ETH price correction coming?

Dogecoin Price Explodes: Meme Coins ‘Can’t Be Ignored’ as Analyst Predicts DOGE at $2.40

Weekly Article Recap: 10/28-11/01

Optimism (OP) Poised for 340% Surge: Can Notcoin (NOT) Price Hit This Next Target?

Hamster Kombat Loses 86% of Active Users: Possible Reasons

U.S. Dollar at Risk? Trump’s Bitcoin Strategy Sparks Debate Among Experts

Join our free newsletter for daily crypto updates!