Bitcoin reached a major milestone on Nov. 11, achieving an all-time high price of over $81,000 and pushing its market capitalization past $1.6 trillion for the first time since its inception in 2009. This surge contributed significantly to the overall crypto market’s growth, lifting the global cryptocurrency market cap back to its previous peak of $2.71 trillion.
15 Years of Profitability for Bitcoin Investors
According to data from Blockchain.com, Bitcoin’s recent price surge has ensured that investors holding BTC for the last 15 years have seen profitable returns. This means all unsold investments made in Bitcoin’s nearly 9,000-day history have appreciated in value, marking an impressive track record for the asset as the leading cryptocurrency.
Bitcoin’s circulating supply currently stands at 19.8 million BTC. At its capped maximum supply of 21 million BTC, Bitcoin’s market capitalization would have hit a fully diluted value (FDV) of $1.7 trillion.
Institutional Interest and Supportive Sentiment Fuel Bitcoin’s Rise
Several factors are driving Bitcoin’s growth, including increased interest from institutional investors, a pro-crypto stance from United States President-elect Donald Trump, and overall positive sentiment among retail investors. Earlier in 2024, Bitcoin reached the $1 trillion market cap level, following a price surge above $51,000. However, it struggled to maintain that milestone in the face of the halving event earlier in the year.
With Bitcoin now surpassing the $80,000 threshold, traders are optimistic about continued gains. Many believe that the current price increase signals the beginning of a more extended bull market, as seen in prior cycles.
Analysts Urge Long-Term Holding Over Short-Term Gains
As Bitcoin’s price moves higher, crypto analysts and industry veterans are advising caution for investors. On Nov. 10, noted Bitcoin analyst Tuur Demeester encouraged holders to maintain their investments and avoid short-term actions that could disrupt potential gains. James Check, lead analyst at Glassnode, echoed this sentiment, noting that Bitcoin’s price relative to the 200-Day Moving Average (DMA) remains “cooled off,” suggesting further room for growth.
