Bitcoin surpasses silver in market cap and ranks 8th largest global asset
Bitcoin’s market cap has reached a new landmark, surpassing silver with a valuation of $1.736 trillion, making it the world’s 8th largest asset, reports a Kazinform News Agency correspondent, according to the Companies Market Cap website.
This milestone comes as Bitcoin’s price surged past $88,000 today; gaining 10% on the day, while silver dropped 2%, allowing Bitcoin to pull ahead.
With this recent rally, Bitcoin now ranks just below gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco among global assets.
The Kobessi Letter, a prominent capital markets commentary, noted on this achievement: “The fact that gold is still 10 TIMES larger than Bitcoin is incredible. Not only does this show how big gold is, but it also shows how big Bitcoin can be.”
Despite an already impressive year-to-date gain of over 100%, Bitcoin would need to increase tenfold from its current level to match gold’s market cap.
Today’s market surge has largely been driven by institutional buying and the sustained popularity of Bitcoin ETFs.
Bloomberg’s Senior ETF Analyst Eric Balchunas highlighted that BlackRock’s iShares Bitcoin Trust (IBIT) recorded $4.5 billion in trading volume today.
Meanwhile, the broader “Bitcoin industrial complex,” including Bitcoin ETFs, MicroStrategy, and Coinbase, achieved a lifetime high of $38 billion in trading volume.
Earlier, Kazinform News Agency reported that Bitcoin hit a new record on Sunday, surpassing $80,000. The world’s largest cryptocurrency saw a significant rise ahead of the U.S. presidential election and surged further on election night as Donald Trump’s victory became evident.
Bitcoin’s rally follows Trump’s recent election win, sparking optimism that his pro-crypto stance could lead to favorable regulations for digital assets.
Analysts suggest that if this sentiment continues, Bitcoin could reach the $100,000 milestone by the end of 2024. With a recent all-time high of $88,000, Bitcoin is now within 14% of hitting six figures.
