The global cryptocurrency market is on the rise, up 4.7% to $2.9 trillion. This surge has pushed open interest to record levels. One trader even mentions a growing chance of Bitcoin hitting between $100,000 and $130,000.

Bitcoin keeps setting new all-time highs, and the excitement in the crypto markets is palpable.

Here are the latest price gains:

  • Bitcoin (BTC/USD): $86,967.22 (+9.4%)
  • Ethereum (ETH/USD): $3,323.20 (+5.1%)
  • Solana (SOL/USD): $219.24 (+6.2%)
  • Dogecoin (DOGE/USD): $0.322 (+20.7%)
  • Shiba Inu (SHIB/USD): $0.00002744 (+8.7%)

Notable statistics:

According to IntoTheBlock, large transaction volumes jumped by 52.5%. Daily active addresses increased by 18.4%. Transactions over $100,000 rose from 6,787 to 10,856 in just one day. Meanwhile, net flows to exchanges dropped by 67.1%. Impressively, 100% of Bitcoin holders are currently in profit.

Data from Coinglass shows that 193,370 traders were liquidated in the last 24 hours, totaling $681.83 million. Open interest now stands at $48.6 billion, the highest in over a year. Bitcoin Archive reported that Bitcoin ETFs saw $1 billion in trading volume in just 35 minutes.

Key developments include:

  • Bitcoin and Ethereum ETFs reacted as BTC surged past $82,000 after Trump's win.
  • MicroStrategy acquired another 27,200 Bitcoin worth $2 billion.
  • Small caps and financials rallied as Bitcoin blasted past $85,000.
  • Donald Trump can’t fire Gary Gensler, but pro-crypto policies suggest the industry is on the verge of a “Golden Era.”
  • FTX is suing Binance and former CEO Changpeng “CZ” Zhao to reclaim $1.8 billion amid bankruptcy issues.

Top gainers are:

  • Cronos (CRO/USD): $0.1741 (+43.6%)
  • Bittorent (BTT/USD): $0.051219 (+27.6%)
  • Brett (BRETT/USD): $0.1205 (+17%)

Trader insights:

With Bitcoin breaking the $87,000 mark, More Crypto Online predicts a rising chance of reaching the $100,000 to $130,000 target range. One trader plans to hold about 40% of their core position and will exit if key support levels break, which could signal a bear market.

On the other hand, Michaёl van de Poppe sees a significant bearish divergence on the BTC chart, suggesting a potential trend reversal is near.

Santiment reports that over the past year, whale and shark wallets holding at least 10 BTC accumulated a total of 234,150 Bitcoin, worth $19.76 billion. This price spike is largely due to the ongoing confidence and accumulation from these major stakeholders.

They also note that consistent fear, uncertainty, and doubt (FUD), capitulation events, and fluctuating faith in crypto have contributed to the recent run-up. Their prediction? Prices can continue to climb as long as whales keep buying and retail investors sell them their coins during small dips.

Income Sharks have drawn comparisons to historical patterns, stating this situation mirrors the election years of 2016 and 2020.

What’s next?

The influence of Bitcoin as an institutional asset class will be discussed at Benzinga’s Future of Digital Assets event on November 19.

Peter Schiff has stated that a U.S. Bitcoin reserve could “destroy the dollar,” but he thinks it’s “highly unlikely” to happen.

Stay tuned for more updates!