Bitcoin Price Surges Past $68,500 in Latest All-Time High Run

Bitcoin prices have reached their highest-ever levels during the morning trading session of Nov 9. This high is only around 2% off shy of reaching $70,000 per BTC.

BTC prices traded just above $68,500 in a new all-time high on Nov 9 after gaining 4.6% on the day.

At the time of press, the world’s premier cryptocurrency asset was changing hands for $68,240 according to TradingView tracking prices on Binance. Bitcoin has made an impressive 12% since the same time last week and is now up 24% over the past 30 days.

BTC/USD 2021 – Binance: TradingView

Prices have more than doubled since the July 21 dip that took them just below $30,000. Since the beginning of the year, BTC has made a gain of 136%. Compared to other store-of-value assets such as gold, which has actually lost 3.7% since Jan 1, BTC is way ahead.

Mammoth Bitcoin market cap

The market capitalization of Bitcoin is currently $1.29 trillion, which puts it ahead of Tesla’s $1.16 trillion according to CompaniesMarketCap. BTC is the eighth largest asset on the planet with silver, gold, and the top five companies by market cap above it.

Bitcoin currently has a market share of 41.8% but its market cap is the same as it was for the entire crypto asset market just four months ago in July.

That total market capitalization has now topped $3 trillion having gained almost 300% since the beginning of the year. This means that altcoins have largely outperformed Bitcoin in 2021.

On Nov 9, on-chain analytics provider Glassnode noted that exchange outflows are still going on and BTC balances are falling despite the ATH.

“As Bitcoin hits new All-Time-Highs, exchange balances continue to be depleted. Exchange reserves we track account for just over 12.9% of the circulating supply and are still seeing outflows, even at ATH prices.”

The firm concluded that Bitcoin’s “investor conviction” also appeared to be at all-time highs as long-term holders remain reluctant to sell. In its weekly on-chain report published on Nov 8, Glassnode stated “over 85% of the coin supply has remained dormant since August 2021. Investors are just not spending their coins.”

Ethereum at ATH

Ethereum has also notched up an all-time high tapping $4,857 during the Asian trading session today. At the time of writing, ETH was changing hands for $4,815 after gaining 1.7% on the day and 11% over the past week.

Other crypto assets cranking up today include Cardano up 6.4%, Shiba Inu gaining 5.5%, and Litecoin which has skyrocketed 18% to $244 at the time of writing.


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