Bitcoin (BTC) Price Rallies 10% to Hit a New All-Time High of $89,864 as Crypto Market Cap Surges 7.9% to $3.15 Trillion

As Bitcoin (BTC) price rallied over 10 percent in the past 24 hours to reach a new all-time high of about $89,864 earlier today, the total crypto market cap surged 7.9 percent to hover around $3.15 trillion on Tuesday, November 12.

output: The crypto market has surged over 7 percent in the past 24 hours following the interest rate cuts in the US and the UK and the overwhelming victory of Donald Trump.

As Bitcoin (BTC) price rallied over 10 percent in the past 24 hours to reach a new all-time high of about $89,864 earlier today, the total crypto market cap surged 7.9 percent to hover around $3.15 trillion on Tuesday, November 12.

Despite the Fear Of Missing Out (FOMO) among crypto traders, which led to a surge in buying pressure and a steep price rally, Bitcoin price corrected by over 5 percent in the past few hours and is currently trading at around $85,786.

However, the second crypto has led the entire altcoin market in registering palatable gains in the past 24 hours. Notably, Dogecoin (DOGE) price rallied by over 24 percent to reach a new 24-hour peak price of $0.39.

After a strong second quarter, which saw Bitcoin price rally from around $30,000 at the beginning of April to a 24-hour peak of about $69,864 in mid-April, the crypto market experienced a strong sell-off, which was triggered by the second-largest crypto exchange in the world Binance being fined for offering crypto derivatives without registering the service with the Commodity Futures Trading Commission.

The sell-off saw Bitcoin price drop by over 50 percent from its 24-hour peak price in April and led to fears of further capitulation in the second and third quarters.

However