Bitcoin Surges Past $90,000 Mark Amid Growing Institutional and Retail Interest

Bitcoin prices shot up on Wednesday, November 13, breaking past the $90,000 mark and hitting a new record. This surge came as demand for the cryptocurrency increased. At that time, Bitcoin's market value was around $1.8 trillion, and it reached approximately $93,500, according to data from Coinbase.

Analysts pointed to several factors driving this price jump. One key reason is the growing interest from global investors. Julio Moreno, the head of research at CryptoQuant, noted that large investors, often called "whales," who hold between 1,000 and 10,000 bitcoins, have been accumulating more of the asset.

Moreno shared a chart that highlights this trend. He stated, “This shows the 30-day growth in holdings of whale addresses, excluding exchanges and mining pools. It’s clear that demand from large holders is rising.”

Marc P. Bernegger, co-founder of AltAlpha Digital, also weighed in. He mentioned that retail investors are coming back in a big way. “This is driving the current phase of the bull run,” he said. He pointed out that the popularity of trading apps like Coinbase in app stores is a good indicator of this trend.

Olivier Mammet, who heads US OTC trading at Gemini, offered his insights as well. “After several attempts to break above $90,000, the market finally did it, setting a new all-time high around $93,000,” he explained. He attributed this to strong inflows into ETFs, which totaled over $812 million on November 12. “The trading activity has been orderly, with few major liquidations or volatility swings,” he added.

Mammet also discussed the health of the digital currency markets. “Funding levels and futures basis are in good shape, around 12%. This is low for such a strong bull market,” he noted. He observed that many market makers are buying high strike call options, indicating bullish sentiment.

George Kailas, CEO of Prospero.ai, outlined several factors behind Bitcoin's recent gains. He mentioned the real expectation of increased demand driving prices up. “Trump has suggested making Bitcoin a reserve currency,” Kailas pointed out.

This kind of government interest could really boost the price and perceived value of Bitcoin. It might even encourage other countries to follow suit, which would have a big impact on the market.

Kailas also referenced the rise of Trump Coin after his election win. He believes that his involvement in the market could lead to a friendlier regulatory environment for cryptocurrencies. “He mentioned at a conference that he would fire Gary Gensler, and the crowd loved it,” Kailas said. This gives hope for clearer regulations, which would attract more investment.

Finally, Kailas reminded us that cryptocurrencies can move quickly, both up and down, even without solid reasons. Social sentiment can really influence their perceived value and create momentum that’s hard to stop, even if Bitcoin goes beyond what seems fair.

Disclosure: I own some Bitcoin, Bitcoin Cash, Litecoin, Ether, EOS, and SOL.