BTC overtook silver; can it reach $100k in November?

Blockchain technology, along with the rest of the cryptocurrency market, Bitcoin touched a new all-time high of $89,604 earlier today. In contrast, the total value of all cryptocurrencies hit a new all-time high of $3.11 trillion. The market capitalization of Bitcoin soared to $1.77 trillion after the rise, which surpassed that of silver ($1.7 trillion) and was close to that of Saudi Aramco ($1.8 trillion), a national Saudi Arabian oil and gas firm. Reasons for this include Monday, November 11th's net inflows of $1.1 billion into spot Bitcoin exchange-traded funds in the United States.

According to statistics from IntoTheBlock, the total value of Bitcoin transactions by whales also exceeded $100 billion yesterday. Massive influxes of capital are frequently caused by regular investors' fear of being left out when large waves of whale transactions occur.

The path to $100k

Following its close approach to $90,000, the rising velocity of Bitcoin appears to have slowed down. Following a period of tremendous gains, this is a normal cycle that occurs because some investors will take winnings. Polymarket's poll, which had a volume of $238,000, indicates a forty percent possibility that Bitcoin will hit $100,000.

A further vote with a betting volume of $3.6 million indicates an 80% probability of Bitcoin reaching $100,000. According to the survey results, 57% of people think Bitcoin will get $95,000, while 20% think it will reach $10,000.

On Kalshi, a platform that predicts market movements, the probability of Bitcoin's price reaching $100,000 is still 45%. The wider market likewise exhibits indications of a cooling down, and Bitcoin is presently trading below $87,000. Additionally, CoinGecko data shows that the global crypto market cap fell to $3.08 trillion.

The upcoming U.S. Consumer Price Index report for October, due out on November 13, can either bolster the bull run or alter its trajectory. The CPI report shows the rate of inflation in the Traders forecast the Consumer Price Index (CPI) to rise to 2.6% from 2.4% in September, based on data from Trading Economics. The inflation data is among the many considerations for the December interest rate announcement.