Bitcoin’s price dropped below $90,000 during the night but managed to bounce off and reclaim that coveted level.

Several larger-cap altcoins have charted impressive gains over the past day, such as SOL and XRP, while DOGE and SHIB are in the greed.

BTC Reclaims $90K

The business week started on a very positive note for the primary cryptocurrency as it jumped from $80,000 to $85,000 on Monday and up to $88,000 on Tuesday. After a brief correction, the asset went on the offensive once again on Wednesday and skyrocketed to a peak of almost $94,000.

This meant that bitcoin had added over $25,000 in value since the US elections. At this time, though, reports started to emerge that it had reached its local peak. In the next few days, BTC indeed began to retrace and slipped to under $87,000 on Friday morning.

Nevertheless, the cryptocurrency stopped the price drops and started to regain traction in the following days. As such, it jumped to over $91,000 on Saturday but was stopped at $91,500. It slipped below $90,000 during the night but has recovered some of the losses and now sits above that line.

This means that its market cap has dropped to under $1.8 trillion, and its dominance over the alts has taken a hit and is down to 56.2% on CG.

XLM Explodes

Many altcoins have outperformed BTC over the past day, which is seen by the declining bitcoin dominance. Ripple is the most notable example from the top 10 alts, having surged by 11% on a daily scale and rising above $1. SOL, TON, and AVAX are the other impressive gainers from the bunch.

In contrast, Dogecoin and Shiba Inu have retraced by 5% and 4%, respectively. The biggest gains from the top 100 alts come from Mantra (42%), Stellar (33%), Quant (29%), BONK (25%), ETC (15%), ATOM (15%), and others.

The total crypto market cap has remained at essentially the same spot as yesterday at just under $3.2 trillion on CG.

Genius Group Limited has announced a new “Bitcoin-first” strategy, making the cryptocurrency its primary treasury reserve asset.

The move follows a recent restructuring of Genius Group’s Board of Directors to include blockchain and Web3 experts.

“Bitcoin-First” Strategy

According to a November 12 press release, the AI-driven education and business acceleration firm plans to allocate at least 90% of its current and future reserves to Bitcoin. Using its $150 million ATM, the company intends to make an initial long-term investment of $120 million in Bitcoin, equivalent to approximately 1,380 BTC at current market rates.

“We believe with our Bitcoin-first strategy, we will be among the first NYSE American listed companies to fully embrace Microstrategy’s Bitcoin strategy, for the benefit of our shareholders,” said the press release.

The announcement follows a challenging period for Genius Group, marked by a significant drop in its share price, which fell to under $0.60 amid a public battle against alleged market manipulation.

CEO Roger Hamilton stated that the ongoing litigation against the alleged manipulators is expected to result in damages potentially exceeding $250 million. He highlighted that adopting transparent, decentralized blockchain technology could help realign the company’s market value with its underlying assets, including $43 million in total assets and $23 million in revenue reported in 2023.

Shares of the Singapore-based company surged by as much as 50% in premarket trading on Monday, though they retracted much of the gains later in the day. However, Google Finance data shows they are still up by more than 61% over the past five days at $0.95 per share.

More Crypto-Centred Initiatives

Genius Group also plans to introduce Bitcoin as a global payment option on its EdTech platform. Furthermore, the company will launch the “Web3 Wealth Renaissance” education series, empowering students to deepen their understanding of Bitcoin, cryptocurrency, and blockchain with AI-driven learning tools.

Hamilton also pointed out that, as an AI-driven educational firm, it is uniquely positioned to lead students and investors into a future that bridges traditional finance and decentralized economies.

Genius Group’s move to adopt BTC as a reserve asset places it among a growing group of public companies following a path set by MicroStrategy, which adopted the policy in 2020 as a hedge against inflation. Bitcoin Treasuries data shows that the Virginia-based firm currently holds 279,420 BTC.

More recently, companies like medical device maker Semler Scientific and Tokyo-based investment manager Metaplanet have also committed to Bitcoin reserves, each holding over 1,000 BTC.

Despite bitcoin’s (BTC) remarkable ascent to $93,400 over the last few days, analysts at the market analytics platform CryptoQuant say the cryptocurrency is still not overvalued and that the $100,000 region could be its next victim.

According to a weekly report, the Trader On-chain realized max band suggests that BTC could crush the $100,000 target in the coming weeks as demand grows and stablecoin liquidity keeps rising by millions daily. BTC reached this max band in March when it rallied past $70,000 for the first time.

BTC to Crush $100K Next

One metric that shows BTC is not overvalued is the Market Value to Realized Value (MVRV) ratio. This indicator is still outside the overvalued territory despite bitcoin’s 30% rally since Donald Trump won the United States presidential election.

CryptoQuant’s prediction that BTC could smash $100,000 next is substantiated by surging demand growth. Bitcoin Apparent demand is currently expanding, indicating that new investors are invading the market.

Although apparent demand has been positive since early October, BTC demand from U.S. investors returned in early November after the presidential election. This is seen in the Coinbase Bitcoin price premium, which turned positive again after Trump’s victory.

Miners Are Beginning to Sell

As apparent demand continues expanding, the market cap of stablecoins is growing, and the cryptocurrencies are increasingly finding their way into exchanges. CryptoQuant has also maintained that the market can only see a sustained BTC rally if liquidity starts to improve, and that is the state of the market.

The market cap of Tether (USDT) has increased by $5 billion in the last two months, with over $3.2 billion tokens flowing into crypto exchanges since the U.S. presidential election on November 5. CryptoQuant analysts say this is the largest daily net flow of USDT into exchanges since November 2021

While rising stablecoin liquidity increases the possibility of higher crypto prices, analysts note that the market could witness minor selling pressure as large miners look to realize some profits. So far, miners with a balance of 100 to 1,000 BTC have reduced their holdings by at least 2,000 BTC, so the amount of assets sold is still small; however, CryptoQuant says it is crucial to keep monitoring these market participants as supply could spike soon.