Bitcoin prices rose sharply on Wednesday, November 13, breaking above the $90,000 level and setting a new record as the digital currency benefited from increased demand.

Coinbase data from TradingView shows that the world’s most prominent cryptocurrency, which has a total market value of about $1.8 trillion, reached about $93,500.00 on the day.

When explaining the latest appreciation, analysts cited a number of factors, including evidence that global investors are showing high demand for the digital asset.

Julio Moreno, head of research at CryptoQuant, emphasized that the amount of bitcoin held by so-called whales, which in this particular case hold between 1,000 and 10,000 units of the cryptocurrency, has been growing rapidly recently. .

He provided the chart below to illustrate this trend:

“It’s interesting, it shows once again a bullish 30-day growth in holdings of wheel addresses (excluding exchanges and mining pools),” Moreno said via Telegram.

“This can be interpreted as an increased demand for Bitcoin from large holders,” he said.

Mark P. Berniger, cofounder of crypto fund of funds AltAlpha Digital, also spoke, explaining via email that “retail investors are now coming back in a big way and that is the driver of this phase of the bull run.”

“A good indicator is the ranking of commercial apps like Counbase in app stores,” he noted.

Olivier Mammet, head of US OTC trading at Gemini, also offered his perspective on the matter.

“After failing to break above the $90,000 level several times in the past day, the market finally managed to move higher, reaching new all-time highs around $93,000,” he said in emailed comments.

“We can assume that the market got the additional support it needed after a strong new day inflows into ETFs (+$812 million for November 12),” Mamet said. “It should also be noted that trading activity over the past few days has been fairly orderly, with few large-scale liquidity or volatility swings.”

The expert offered additional highlights on the digital currency markets.

“To understand what drove the latest gains, we can look closely at funding levels and future fundamentals, which show that they remain in healthy territory around 12%. “There is less in terms of how strong a bull market we are experiencing,” he noted.

“Finally, looking at market maker positioning on options, we have seen many buyers with high strike call options pre-election ($80,000, $90,000, $100,000, and even $150,000), suggesting that They are very bullish. Thus, it is reasonable to assume that a few market makers are caught off guard and therefore have to cover their exposure. are forced to pay more for, which contributes to buying pressure and growth.”

George Callas, CEO of Prospero.ai, also spoke to the situation, outlining a short list of factors driving bitcoin’s latest gains.

For starters, he mentioned “a very real expectation of demand for price increases” via a Google Doc in which he shared his input.

“Trump has said he will make BTC a reserve currency,” Kelas noted.

“This type of government demand for security can not only increase the price and perceived value, but it can also encourage other governments to take similar actions so that it is not considered behind the times. If other countries do this If started to follow, it can have a significant impact on the already bullish movement.

Further, he emphasized that “Trumpcoin saw a big boost after winning the election. The exposure of the market itself draws the line that the regulatory market will become friendlier to cryptocurrencies.”

“He said at the Nashville conference that he would fire Gary Gensler twice ‘to attract more talent and dollars to the space,'” Kelas noted.

Finally, he said, “These currencies can move up (and down) at alarming speeds even without solid reasons for optimism like the one above. Plus the frenzy of social sentiment drives up perceived value and Creates a momentum that may be difficult to break even if BTC moves beyond what might be considered a fair value for these events.

Disclosure: I have some Bitcoin, Bitcoin Cash, Litecoin, Ether, EOS and SOL.