Bitcoin Hits All-Time High of $89,000 Following Trump's Victory, Surpassing Gold ETFs in Potential Value

By November 12, 2024, Bitcoin hit an all-time high of $89,000 on Tuesday. This spike followed Donald Trump's victory, which also boosted Bitcoin ETFs and crypto stocks. Analysts believe that Bitcoin ETFs could soon surpass gold ETFs in value.

Bitcoin at $89,000? That's a historic boom! Eric Balchunas even called it “Volmageddon.”

Thanks to Trump’s win, Bitcoin ETFs and stocks like MicroStrategy and Coinbase are seeing impressive trading volumes. So far this week, these two asset classes have achieved a staggering $38 billion in trading volume, according to Bloomberg data.

On Monday, Balchunas, a senior ETF analyst at Bloomberg, noted that investors are “looking for a little excitement” during an interview on Bloomberg Television.

This rally is likely to draw even more investors into Bitcoin ETFs. With net assets of $90.6 billion, Balchunas pointed out that Bitcoin ETFs could grow to two or three times the size of gold ETFs, which currently stand at $286 billion.

He described the massive trading activity around Bitcoin-related investment vehicles as a “Volmageddon.” Just BlackRock’s IBIT Bitcoin ETF alone accounted for about $4.7 billion in trading volume on Monday, according to SoSoValue.

Last week reset all performance metrics for the past year.

Since January, Bitcoin has soared 110%, based on CoinGecko data. Ether has also seen a rise of 44%. The total market value of the cryptocurrency universe has now surpassed $3 trillion, reaching another all-time high.

While Bitcoin grabs the spotlight, Ethereum is holding its own. Institutional investors poured a record $295 million into Ethereum ETFs on Monday. Just a month ago, there were days with zero inflows into Ethereum ETFs.

Data from Farside shows that U.S. Ethereum ETFs have recorded over $500 million in daily flows since Trump’s victory on November 5. This influx has been so significant that it has turned around the negative performance of Ethereum ETFs since their launch.

U.S. crypto stocks are also benefiting from the Bitcoin surge. Coinbase and MicroStrategy are posting huge gains. MicroStrategy’s stock price has skyrocketed 396% this year, reaching a new peak of $340 after 24 years.