Bitcoin hits record highs: what drove the surge and why it’s important
Reasons for new bitcoin records
Bitcoin had an exceptional start to the week, with its price surging to nearly $90,000. Most market participants and influencers are confident that the top digital asset isn’t stopping there.
Moontember instead of Uptober
Many in the crypto community had high hopes for “Uptober” (October’s meme name), as this month has traditionally brought Bitcoin’s sharpest growth. This year, however, October saw only minor gains, mainly marked by a slight increase in crypto exchange traffic.
In contrast, “Moontember” (November’s meme name) has become an undeniable leader. This November, Bitcoin broke several records, drawing global attention.
What records Bitcoin hit in November
The standout record was Bitcoin’s surge to $89,956—a spectacular jump of $8,343 on November 11, marking its largest single-day increase.
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This rise pushed the crypto market cap beyond $3 trillion, with Bitcoin’s dominance remaining above 58%. Another intriguing milestone: Bitcoin continues to climb in the ranking of the world’s largest assets. Just days ago, it overtook Meta by market cap and today surpassed silver.
The buzz around Bitcoin
Bitcoin’s rapid price surge has not gone unnoticed. Many in the Bitcoin community report growing interest from friends, family, and acquaintances.
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This time, there’s also increased interest from mainstream media. Previously, major publications rarely covered Bitcoin, or if they did, it was often in a negative light, highlighting its “high energy consumption and environmental impact.” However, with each new Bitcoin record, the tone has started to shift positively.
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Popular influencers have also picked up on the trend. For instance, Rich Dad Poor Dad author Robert Kiyosaki, once a Bitcoin critic, has recently been increasingly vocal in his praise of the digital asset. In one of his latest posts on X, he promised to keep buying Bitcoin until it surpasses $100,000.
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Why Bitcoin's price surged
Bitcoin's recent price surge has been influenced by several key factors, primarily the victory of Donald Trump in the U.S. presidential election.
Unlike his competitors, Trump positioned himself as the “crypto-friendly” candidate, openly supporting digital assets and promising favorable legislation. Among his notable pledges are making the U.S. the “crypto capital” of the world, establishing a strategic national reserve of Bitcoin, and banning CBDC development.
This has piqued the interest of institutional investors, leading to a steady inflow into spot Bitcoin funds, with BlackRock’s Bitcoin ETF remaining the leader. On November 11 alone, this fund saw an inflow of $736 million.
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Another significant factor is MicroStrategy's recent addition of 27,200 BTC to its reserves, strengthening its position as one of the largest institutional holders with over 279,420 BTC, valued at approximately $2 billion.
Conclusion
Bitcoin's new records are crucial for several reasons. First, as BTC’s price rises, trust and interest in the asset grow. When Bitcoin reaches new highs, it attracts a wider audience and stimulates demand, with more people viewing it as a reliable means of value preservation and investment.
Second, Bitcoin’s record-setting gains are widely covered by the media and social networks, creating a “snowball effect” of popularity. This could bring new investors, positively impacting the market’s liquidity and stability. A high Bitcoin price can also drive its further institutionalization, attracting more regulated products, such as ETFs or pension funds, which will support the long-term stabilization and growth of the crypto market.
