Bitcoin Tops $88K, Catapulting MicroStrategy to 24-Year Record Amid Supercharged Crypto Rally

As a seasoned researcher with over two decades of experience observing financial markets, I must admit that the current crypto rally leaves me both awestruck and slightly skeptical. The sheer speed at which Bitcoin and other cryptocurrencies are climbing to new highs is reminiscent of the dotcom bubble era, but with a twist – this time, it’s not just the tech stocks that are skyrocketing, but digital assets as well.

The crypto rally shows no signs of slowing after a week since the U.S. elections.

On Monday, Bitcoin (BTC) soared to unprecedented peaks, breaching the $88,000 mark during U.S. trading time, resulting in a 11.3% increase over the past day. The CoinDesk Bitcoin Index (XBX) reported its most recent record high of $88,448. At present, its market value hovers around $1.73 trillion, surpassing that of silver as per Infinite Market Cap data. This ‘flip’ occurred at least once this year, primarily due to optimism surrounding the potential exchange-traded funds (ETFs) that were announced in March.

Bitcoin took charge in the market, propelling it upward, as the CoinDesk 20 Index (CD20), a comprehensive measure, only increased by about 7.9% over the same timeframe. Ethereum‘s ether climbed approximately 6.4%, reaching beyond $3,300, and solana hit $220 with a 6.7% rise.

Among the components of the CD20 index, Aptos tokens (APT), Near (NEAR), and Render (RNDR) stood out as top performers, experiencing substantial growth ranging from 18% to 25%.

On Monday morning, crypto-related stocks experienced significant growth of over ten percent due to the upward trend in cryptocurrencies over the weekend. This surge continued throughout the day, with Coinbase’s (COIN) shares concluding the session nearly 20% higher, reaching a peak of $320 for the first time since November 2021. Bitcoin mining companies such as MARA Holdings (MARA), CleanSpark (CLSK), and Hut 8 (HUT) reported gains ranging from 25% to 30%.

On a significant surge of 25%, MicroStrategy (MSTR), the software firm with the most substantial corporate Bitcoin reserves listed on Nasdaq, reached a new record high of $340 per share. This surpasses its previous high set during the dotcom bubble era 24 years ago. The company disclosed on Monday that it added 27,200 more Bitcoins to its holdings, now totalling 279,420 bitcoins, which equates to approximately $24.5 billion at current prices.

Since Donald Trump’s U.S. election win on Tuesday, cryptocurrency prices have skyrocketed due to expectations of a more favorable stance towards digital currencies during his presidency. With Republicans likely to take control of both houses of Congress, Bitcoin has seen a 27% increase in just one week. Many alternative coins (altcoins) have experienced even greater surges, doubling or tripling in value over the same period.

In a recent post on Monday, Sean Farrell, the head of digital asset strategy at Fundstrat, stated that the market may appear bubbly to some observers. However, it’s crucial to remember that we transitioned from a rigid and oppressive regulatory environment to one that is extremely welcoming almost instantaneously. Given this dramatic shift, it’s not surprising to see charts displaying significant, sudden returns.

CORRECT (Nov. 11, 22: 53 UTC): Updates bitcoin’s market cap and clarifies details of last time BTC flipped silver’s valuation.