Bitcoin Hits Record Highs As Memecoin Mania Continues

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Bitcoin Hits Fresh All-Time Highs

BTC’s price increased to an all-time high of $152,000 last weekend, a continuation of the post-election momentum. BTC hasn’t just been hitting all-time highs against fiat currencies such as the USD and AUD, but also gold. According to the below chart from Galaxy Research, BTC is now equal to nearly 13% of gold’s estimated market cap.

MicroStrategy’s Largest Bitcoin Buy To Date

MicroStrategy, the largest publicly listed corporate holder of BTC, announced that it recently purchased another 51,780 BTC between November 11 and November 17. The company, co-founded by Michael Saylor, now owns 386,700 BTC—or 1.84% of the total supply—and plans to keep accumulating. At the time of writing, this amount is worth nearly $55.2B ($35.8B USD).

XRP Rises to Three-Year Highs

XRP (XRP) hit its highest price since April 2021 earlier this week. The latest increase coincided with the announcement of U.S. Securities and Exchange Commission Chair Gary Gensler’s departure. There is also increasing speculation that a spot XRP ETF will eventually be approved in the U.S. In recent weeks, 21Shares, Canary Capital and Bitwise have each filed spot XRP ETF applications to the SEC.

Memecoin Mania Rolls On

Never before have so many memecoins—23 in total—occupied the list of the top 200 cryptocurrencies by market cap, according to CoinGecko. Recent additions to this list include Peanut the Squirrel (PNUT) and Act I: The AI Prophecy (ACT).

The below chart illustrates just how far memecoins have grown in recent times. This time last year, in November 2024, only four memecoins were in the top 200. Can memecoins keep the momentum going?

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