New record: bitcoin broke the $89,000 mark
By ForGeeks Bitcoin has seen significant growth in recent days, surpassing the $89,000 mark for the first time in history. As of November 12, 2024, the bitcoin price reached $88,667, up $7,211 (8.85%) from the previous close. During the day, the cryptocurrency traded between $80,494 and $89,623.
The cryptocurrency traded between $80,494 and $89,623.
It is notable that during the latest rally, bitcoin overtook the value of a troy ounce of silver, which is currently around $23. This means that one BTC coin is worth 3.9 times more than an ounce of the precious metal. According to analysts, this symbolizes bitcoin’s increasing role as “digital gold” and an alternative means of saving.
According to analysts, this symbolizes the strengthening of bitcoin’s role as a “digital gold” and an alternative means of saving.
Experts attribute this rise to several factors. First, the U.S. Securities and Exchange Commission’s (SEC) approval in January 2024 of 11 exchange-traded funds (ETFs) investing in bitcoin has opened up access to the cryptocurrency to a wider range of investors. Second, continued interest from institutional investors and the growing acceptance of bitcoin as a savings vehicle amid Donald Trump’s victory in the U.S. election are contributing to its rising value.
According to the SEC, bitcoin’s value is rising.
Analysts note that bitcoin’s current rise is accompanied by an increase in its dominance in the cryptocurrency market. According to CoinGecko, bitcoin’s share of the total crypto market capitalization stands at 55.2%, indicating its strengthening position.
Analytics note that bitcoin’s current rise is accompanied by an increase in its dominance of the cryptocurrency market.
Despite the positive trends, however, experts warn of possible market volatility. Investors are advised to be cautious and consider potential risks when investing in cryptocurrencies.
