Bitcoin Price Surges Past $68,500 in Latest All-Time High

BTC

Bitcoin, the most popular and biggest cryptocurrency hit a new record high of $68,564 on the Bitstamp exchange on Nov. 9 2021.

It is up 11.73% since the start of November after logging a 42.26% price increase in October. The flagship coin is now worth $1.289 trillion, and it's on the verge of surpassing the market cap of silver.

Since the beginning of the year, BTC has made a gain of 136% compared to other store-of-value assets such as gold, which has actually lost 3.7 since Jan 1, BTC is wah ahead.

Bitcoin's market dominance has spiked to 43.8% because of the price increase. at the time of press, the world's premier cryptocurrency asset was changing hands for $68,240 according to TradingView tracking prices on Binance. 

BTC/USD 2021 - Binance: TradingView

The market capitalization of Bitcoin is currently $1.29 trillion, which puts it ahead of Tesla's $1.16 trillion according to CompaniesMarketCap. BTC is the eighth largest asset on the planet with silver, gold and the top five companies by market cap above it.

On Nov. 9, on-chain analytics provider Glassnode noted that exchange outflows are still going on and BTC balances are falling despite the ATH.

"As Bitcoin hits, new All-Time-Highs, exchange balances continue to be depleted. Exchange reserves we track to account for just over 12.9% of the circulating supply and are still seeing outflows, even at ATH prices."

The firm concluded that Bitcoin's "investor conviction" also appeared to be at all-time highs as long-term holders remain reluctant to sell.

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