Originally published on: November 11, 2024
Bitcoin’s recent surge to $89,500 on November 11th led to a historic day for United States spot Bitcoin exchange-traded funds (ETFs), MicroStrategy (MSTR), and Coinbase Global (COIN), with a combined daily trading volume reaching an impressive $38 billion.
This extraordinary achievement far exceeded the previous high of $25 million set in March, as reported by Bloomberg ETF analyst Eric Balchunas. Balchunas described the event as “Volmageddon,” highlighting the record-breaking performance of BlackRock’s iShares Bitcoin Trust ETF which alone witnessed a staggering $4.5 billion in trading volume.
MicroStrategy, a prominent Bitcoin-buying business intelligence firm, saw its stock soar over 25% to $340 on the same day, surpassing its peak high from nearly 25 years ago. With a record $12 billion in trading volume, MicroStrategy announced the acquisition of an additional 27,200 Bitcoin for approximately $2.03 billion, increasing its total Bitcoin holdings to 279,420 BTC.
Coinbase Global also experienced a substantial increase, jumping nearly 20% to close at $324.20, surpassing the $300 milestone for the first time since 2021. Both MSTR and COIN were among the top five most-traded stocks during the early hours of November 11th, even surpassing well-known companies like Apple and Microsoft.
Several other crypto-related companies also saw significant gains on that day, with MARA Holdings, CleanSpark, Bitdeer Technologies, Hut 8, and Bit Digital all closing with over 25% gains.
The positive market sentiment can be attributed to various factors, including Donald Trump’s election win and the success of pro-crypto Republican politicians in recent elections. Speculations about Bitcoin potentially becoming America’s strategic reserve asset are gaining traction, with other countries also showing interest in the cryptocurrency, according to Bitcoin activist Dennis Porter.
As Bitcoin continues to trade above $89,500, investors are optimistic about the future of the cryptocurrency market. Don’t miss out on the latest market insights and investment opportunities by subscribing to the Markets Outlook newsletter for critical updates every Monday.
