Crypto Market Cap Crosses $3 Trillion as Bitcoin Surges 9% to $88,000

The cryptocurrency market continues its bullish run, setting new records daily as institutional and retail investors pile into the sector. The global crypto market cap has now surpassed $3 trillion for the first time.

Bitcoin (BTC) hit an all-time high of $88,000, rising 9.3% over the past 24 hours, while Ethereum (ETH) climbed 4.5% to $3,340.

According to the Crypto Greed and Fear Index, market sentiment has reached 76, indicating "Extreme Greed." The spike follows the election of perceived crypto-friendly Donald Trump as the 47th President of the United States.

Bitcoin has climbed 30% over the past week, bringing its year-to-date gain to over 120%.

Polkadot (DOT) and Solana (SOL) were up 5% and 3% over the past 24 hours. Dogecoin (DOGE) also rallied, surging 23% over the last day and 90% in the past week to reach $0.30.

Institutional Inflows Fuel the Rally

Institutional interest is driving much of the recent surge.

According to CoinShares’ latest Digital Asset Fund Flows report, crypto investment products recorded inflows totaling $1.98 billion for the week ending Nov. 8. Bitcoin funds dominated the inflows, capturing $1.8 billion, while year-to-date inflows hit a record $31.3 billion.

James Butterfill, CoinShares’ head of research, attributed the surge to the political shift in the U.S. and supportive macroeconomic conditions.

“A combination of a supportive macro environment and seismic shifts in the US political system being the likely reason for such supportive investor sentiment,” he said.

This influx of capital has led to significant liquidations in the crypto derivatives market. Over the past 24 hours, $624 million in crypto positions were liquidated, with $85 million in short BTC positions wiped out as some traders misjudged the market's momentum, according to CoinGlass data.

MicroStrategy and El Salvador Reap Gains

MicroStrategy, the largest corporate holder of Bitcoin, continues to benefit from the rally.

The company now holds 279,420 BTC, worth $22.95 billion, representing a 91% return on its Bitcoin investment strategy, according to Saylor Tracker. The firm’s average cost is $42,692 per Bitcoin.

On Nov. 11, MicroStrategy disclosed that it added 27,200 BTC for approximately $2.03 billion, with an average price of $74,463 per Bitcoin. The company reports a BTC yield of 7.3% quarter-to-date and 26.4% year-to-date.

El Salvador, the first country to adopt Bitcoin as legal tender in 2021, has also seen significant gains. The nation holds 6,153 BTC, worth $465 million. According to Nayib Tracker, the country has unrealized profits of $116 million, an 84% return on its investment.

SEC Delays Ethereum ETF Options Decision

While Bitcoin and related investment products thrive, spot Ethereum ETFs are facing a regulatory hurdle.

On Nov. 10, the U.S. Securities and Exchange Commission (SEC) postponed its decision on whether to approve options for several Ethereum spot ETFs, including products from Bitwise, Grayscale, and BlackRock.

This marks the second delay since the requests were first filed in August.