Bitcoin(BTC 3.44%), the world’s largest cryptocurrency, has been on a great run this year and has roughly doubled — well ahead of the bull market and hitting new all-time highs. The token has benefited from the creation of spot Bitcoin exchange-traded funds (ETFs), lower interest rates, and a growing view that the token could be a hedge against inflation.
However, Bitcoin may just be getting started, according to MicroStrategy Executive Chaiman and billionaire investor Michael Saylor, who says he thinks the token is going to soar.
Going all-in on Bitcoin
In September, Saylor, a perennial Bitcoin bull, said on CNBC he thinks Bitcoin could hit $13 million by 2045, which implies 16,939% upside from its current price (as of Nov. 9) of roughly $76,296:
My long-term forecast is that [Bitcoin’s] going to go to $13 million over 21 years… Bitcoin is 0.1% of the capital in the world right now–I think it’s going to go to 7% of the capital.
Saylor also pointed out that Bitcoin has had an annual rate of return (ARR) of 46% for the past four years, which is why he is assigning a risk-free return of 50%. He said his central case forecasts 29% annual returns for Bitcoin during the next two decades.
Advertisement
Saylor has every reason to be bullish. His company MicroStrategy, whose stock has soared roughly 400% this year, is the largest public owner of Bitcoin, holding 1% of all tokens outstanding.
Saylor is also putting his money where his mouth is. MicroStrategy recently announced plans to raise $42 billion over the next three years, half through equity sales and half through debt. The proceeds will be used to buy more Bitcoin.
MicroStrategy President and Chief Executive Officer Phong Le said in the company’s recent earnings release, “As a Bitcoin Treasury Company, we plan to use the additional capital to buy more Bitcoin as a Treasury reserve asset in a manner that will allow us to achieve higher BTC yield.”
Can $13 million really happen?
I don’t know if $13 million for Bitcoin can ever happen. Bitcoin is still an incredibly volatile asset, and I think price predictions for Bitcoin are somewhat meaningless, especially those made two decades in advance. However, I think Bitcoin has several tailwinds that could propel it higher.
With the election over, Bitcoin and the entire crypto industry may get some regulatory relief. The new administration may take a different approach and institute new leadership at the Securities and Exchange Commission (SEC).
Advertisement
SEC Chairman Gary Gensler has not been a friend of crypto. Not only does he seek to have more regulatory jurisdiction over crypto, but an SEC memo of his known as SAB-121 makes it difficult for banks to hold Bitcoin as a custodian because they have to include these assets on the balance sheet, which increases their capital and liquidity requirements. The potential removal of SAB-121 would make more financial institutions willing to custody Bitcoin.
Additionally, Bitcoin has caught on as a hedge against inflation. Recently, BlackRock‘s CEO Larry Fink called Bitcoin an alternative to gold. He also said this belief will become even more commonplace “if we can create more acceptability, more transparency, [and] more analytics related to these assets.” While inflation has come down, many expect the environment to remain inflationary long term due to fiscal spending and an unsustainable national debt situation.
Finally, interest rates are forecast to drop further, making riskier assets like Bitcoin more appealing because safer assets like U.S. Treasury bills and bonds yield less and are less likely to keep up with inflation.
No one knows if Bitcoin will hit Saylor’s target years from now, but there are signs that several forces are converging that seem bound to drive up Bitcoin’s price.
Bitcoin prices hovered around $98,608 on Saturday on international exchanges, buoyed by the euphoria over Donald Trump-led Republican party reclaiming the White House. With its total market cap touching more than two trillion dollars, the oldest cryptocurrency has witnessed a spike of 51 per cent in the past one month.
There is hope that the Donald Trump-led US administration will adopt crypto-friendly policies when it takes over in January next year for its second term. The rally got further impetus when BlackRock’s spot Bitcoin ETF options were listed on Nasdaq on Tuesday.
Indian crypto industry insiders are naturally upbeat about this rally. Balaji Srihari, Business Head of CoinSwitch, says, “Bitcoin surged to an all-time high, signalling that the much-anticipated $100,000 milestone could be within reach- many analysts predict that this mark could be achieved as early as the end of November. Since the recent US election, Bitcoin has been consistently setting new records, encouraged by expectations of a more supportive regulatory framework and a potential national Bitcoin reserve; that can legitimise Bitcoin as a government-backed asset. BlackRock’s Bitcoin ETF debuting options trading on Nasdaq is a big sign of increasing crypto adoption.”
Apart from bitcoin, other crypto tokens too have witnessed a surge. XRP, for instance, has surged 188 per cent in the past one month, and 37 per cent in the past five days alone. Ether trades at $3,354 and BNB trades at $665 on Saturday, according to Coinmarketcap data.
Shivam Thakral, CEO of BuyUcoin, says, “In the last 24 hours, Bitcoin reached a record high of $99,000. XRP led the charge with a remarkable 25 per cent increase, driven by renewed optimism surrounding a more crypto-friendly regulatory environment in the US. It is anticipated that Donald Trump’s win in the election will drive the implementation of crypto-friendly policies, which will, in turn, enhance market sentiment. As trading volumes rise and hopes for ETF approvals increase, the future looks extremely positive for XRP and the wider cryptocurrency market as we near the end of the year.”
Advertisement
Vishal Sacheendran, Head of Regional Markets at Binance, says, “Bitcoin’s rally, fuelled in part by the optimism surrounding Donald Trump’s re-election, represents a transformative moment for the crypto and Web3 space. His administration’s support for digital assets could lead to more progressive regulations, fostering an environment conducive to greater institutional and retail investment in the sector. I believe that the broader crypto ecosystem could benefit from policies that promote blockchain infrastructure, and provide a better route for financial institutions to engage with crypto.”
Caution needed
Despite all the positive factors, crypto experts believe that investors should stay cautious and not get too carried away. It is common knowledge that bull runs are often followed by steep corrections. So, one should be cautious before getting too elated. “Amid the excitement, traders should stay cautious. Big price jumps often lead to sharp corrections, and using too much leverage could amplify risks during volatile periods,” says Srihari from Coinswitch.
“It is also important to note that in a bull market like this, investors should also remain mindful, conduct thorough research, and not make investment decisions solely based on market sentiment or hype,” adds Sacheendran of Binance.
Cryptocurrency Prices Today, November 23: The broader market movement on Saturday sparked bullish momentum globally. Bitcoin remains steady at $98K, while major altcoins like ADA, XRP, and AVAX surged between 14% and 25%. Notably, Hedera (HBAR) and Stellar (XLM) emerged as top performers, registering jumps of 25% to 55% in the last 24 hours.
Simultaneously, the global crypto market cap witnessed a 1.5% increase in the past 24 hours, currently at $3.33 trillion. However, the total market volume declined by 12% from yesterday and is now at $219 billion. Let’s dive into a brief report on the top cryptocurrencies by market cap and their price movements on November 23.
Cryptocurrency Prices Today: BTC Holds Steady, ETH & SOL Unchanged, XRP Soars 15%
Bitcoin (BTC) remains stable at $98K, holding its position for the past 24 hours. Similarly, Ethereum (ETH) and Solana (SOL) have shown no significant movement during this period. However, XRP has surged by 14%, leading the gainers. Among the top meme coins, Dogecoin and Shiba Inu have also witnessed a 9% increase in the last 24 hours, reflecting positive momentum in the cryptocurrency prices today.
Bitcoin Price Today
BTC price chart appears steady, currently trading at $98,550. Its intraday low and high are $97,222 and $99,655, respectively. Bitcoin’s market cap is $1.95 trillion, with a 24-hour trading volume of $76 billion.
Advertisement
According to Sosovalue data, 22.85 million BTC flowed out of 12 BTC ETFs. However, BlackRock’s IBIT data is still awaited. With a dominance of 58.59%, Bitcoin remains the largest cryptocurrency by market cap.
Ethereum Price Today
Ethereum (ETH) remains unchanged, currently trading at $3,333. Its 24-hour low and high are $3,262 and $3,428, respectively, showing minimal price movement. ETH has gained 7% over the past week, indicating positive short-term performance. With a market cap of $400 billion, ETH remains strong in the market.
The 24-hour trading volume for Ethereum is $38 billion, and it commands a market dominance of 12%. ETH ETFs saw an outflow of 8.47 million, and BlackRock’s IBIT data is yet to be released, which may further influence the market.
Solana Price Today
Solana (SOL) is down by 2% in the last 24 hours, currently trading at $255. Its 24-hour low and high are $252 and $263, respectively, showing slight fluctuations. Over the past week, SOL has risen by 17.5%, reflecting strong growth. With a market cap of $121 billion and a 24-hour trading volume of $7 billion, Solana remains the fourth-largest cryptocurrency globally.
XRP Price Today
XRP price has jumped by 15% in the last 24 hours, currently trading at $1.566. Its 24-hour low and high are $1.367 and $1.621, respectively, showing strong volatility. XRP has surged by 75% in the past week and 200% in the last 30 days, reflecting impressive growth. With a market cap of $89 billion and a trading volume of $20 billion, XRP is now the sixth-largest cryptocurrency by market cap.
Advertisement
Meme Coins Performance Today
Dogecoin (DOGE) has increased by 9% and is currently trading at $0.42. Its 24-hour low and high are $0.3858 and $0.4296, respectively, showing solid market movement.
Similarly, Shiba Inu (SHIB) is also up by 9%, trading at $0.00002698. Its 24-hour low and high are $0.00002437 and $0.00002749, respectively, reflecting positive momentum.
On the other hand, other meme coins like PEPE, BONK, and WIF have experienced declines of 2% to 8% in the past 24 hours. These drops indicate some volatility in the meme coin sector.
Advertisement
Top Cryptocurrency Gainer Prices Today
Stellar
Stellar (XLM) price is currently trading at $0.44, marking an impressive 55% increase in the last 24 hours. Its 24-hour low and high are $0.2766 and $0.4624, respectively, reflecting significant volatility and strong market momentum.
Hedera
Hedera (HBAR) is currently trading at $0.1542, up by 25% in the last 24 hours. Its 24-hour low and high are $0.1275 and $0.1681, respectively, showing strong price fluctuations and growth.
Cardano
Cardano (ADA) price is up by 24% and is currently trading at $1.09. Its 24-hour low and high are $0.85 and $1.137, respectively, reflecting significant movement, and it is the ninth-largest cryptocurrency by market cap.
Top Cryptocurrency Loser Prices Today
Peanut the Squirrel
Advertisement
Peanut the Squirrel (PNUT) is down by 13% in the last 24 hours and is currently trading at $1.11. Its 24-hour low and high are $1.04 and $1.31, respectively, indicating a decline in its price.
Popcat (SOL)
Popcat (POPCAT) is down by 9% and is currently trading at $1.43. Its 24-hour low and high are $1.415 and $1.612, respectively, showing a decline in price over the past day.
Raydium
Raydium (RAY) is down by 8% in the last 24 hours and is currently trading at $5.98. Its 24-hour low and high are $5.913 and $6.432, respectively, indicating a decrease in price during this period.
Besides, the hourly time frame chart continues to spark bullish momentum for cryptocurrency prices today. BTC is up by 0.4%, ETH is up by 0.5%, and Dogecoin has risen by 4%, sparking discussions among traders and investors about future price movements.
Advertisement
✓ Share:
Advertisement
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency markets are trading higher, with Bitcoin hovering around $100,000 and Jim Cramer suggesting it is “a winner.”
Cryptocurrency
Price
Gains +/-
Bitcoin BTC/USD
$99,254.71
+0.88%
EthereumETH/USD
$3,281.28
-2.1%
SolanaSOL/USD
$253.09
-0.8%
Dogecoin DOGE/USD
$0.3987
+3.7%
Shiba InuSHIB/USD
$0.00002463
+0.3%
Notable Statistics:
IntoTheBlock data shows large transaction volume increasing by 47.5% and daily active addresses growing by 27.2%. Transactions greater than $100,000 are up from 13,321 to 18,859 in a single day. Exchanges netflows are down by 4.5%.
Coinglass data reports 113,608 traders were liquidated in the past 24 hours for $340.73 million. Open interest continues to stand at peak levels, $64 billion.
Polymarket data shows there is a 60% chance of Bitcoin touching $100,000 today and an 89% probability of it happening this month.
Notable Developments:
Top Gainers:
Cryptocurrency
Price
Gains +/-
StellarXLM/USD
$0.3194
+28.2%
XRPXRP/USD
$1.42
+20.6%
CardanoADA/USD
$0.9647
+19.9%
Trader Notes: Bitcoin nearing $100,000 sparked mixed sentiments among traders.
Altcoin Sherpa quipped “See you guys at $60,000” when Bitcoin failed to break through the psychological barrier.
Advertisement
Crypto trader Seth highlights a “thick and sticky sell wall” as the obstacle.
Dogecoin founder Billy Markus stated, “maybe bitcoin will become a $99,000 stablecoin.”
Quinten Francois remains optimistic, stating the Bitcoin bull market has “just started.”
Daan Crypto Trades explained that traders are preemptively shifting from altcoins to Bitcoin as it edges closer to the $100,000 milestone.
He predicts a breakout, followed by consolidation could lead to altcoin rebounds. Until then, Bitcoin is expected to continue absorbing liquidity.
Advertisement
Read Next:
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
/cdn.vox-cdn.com/uploads/chorus_asset/file/25751312/2024_CH_Pacifica_Gas_Gallery_Img3_Desktop1.jpg.image.1440.png "A fully electric Chrysler Pacifica is in the works")
/cdn.vox-cdn.com/uploads/chorus_asset/file/25739950/247386_Elon_Musk_Open_AI_CVirginia.jpg "Inside Elon Musk’s messy breakup with OpenAI")
✓ Share: