Bitcoin Tests $85,000 Mark

On November 11, the leading cryptocurrency once again reached its ATH at around $85,000. The coin appreciated by 6.5% over the day.  

On some exchanges like Coinbase, quotes exceeded $85,000. 

Most cryptocurrencies in the top 10 by market capitalization are also in the “green zone.” BNB (-1.4%), XRP (-1.3%), and ADA (-1%) showed declines over the past 24 hours.

The total market capitalization of digital assets exceeded $3 trillion. Bitcoin’s dominance index is at 55.9%.

According to Coinglass, the total volume of liquidated positions over the day amounted to $680 million, with $346 million in longs.

Amid the rapid growth, technical analyst Ali Martinez noted an “explosion of institutional FOMO,” citing a recent positive report from Bernstein.

Institutional FOMO is kicking in! We have never seen something like this before. Send it! ? https://t.co/I8gpmkMjXD

— Ali (@ali_charts) November 11, 2024

“We are literally starting the dot-com cycle for cryptocurrencies,” emphasized MN Trading founder Michaël van de Poppe. 

Earlier, Fundstrat co-founder Tom Lee predicted bitcoin reaching $100,000 by the end of 2024.

Some experts have identified risks for the leading cryptocurrency. CEO of CryptoQuant Ki Young Ju warned that bitcoin might end the year slightly below $59,000.