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Bitcoin Dethrones Silver as 8th Largest Global Asset, Hits $1.76T Market Cap

Bitcoin Dethrones Silver as 8th Largest Global Asset, Hits $1.76T Market Cap

Nov, 12 2024 18:00
Bitcoin Dethrones Silver as 8th Largest Global Asset, Hits $1.76T Market Cap

Bitcoin ranks as the 8th largest asset by market cap, surpassing silver with a market valuation of $1.756 trillion, slightly ahead of silver at $1.736 trillion.

The financial landscape is feeling the tremors as Bitcoin’s price surge shakes the market. After the U.S. presidential elections, Bitcoin embarked on an impressive upward trajectory, reaching an unprecedented value of $89k earlier today, representing a 27% increase from the previous week. This explosive growth in value has spurred unprecedented inflows into Bitcoin ETFs, leading to record-breaking gains and reshaping rankings of the largest global assets by market capitalization.

This marks Bitcoin's second triumph over silver, driven by optimism surrounding Bitcoin ETFs and blockchain technology. The ascent of Bitcoin into the upper echelons of world assets signifies its increasing acceptance as a viable alternative to traditional investments like gold.

This week, Bitcoin defied expectations yet again, achieving an all-time high of $89k. On November 12th, the digital currency surged by 11.3%, coinciding with a 2% decline in silver, solidifying its position as the 8th most significant asset globally. This development places Bitcoin just behind Saudi Aramco, which holds the 7th position. The remaining Top 10 includes industry giants like Amazon, Google, Microsoft, Apple, Nvidia, and gold. Gold, boasting a staggering market cap of $17.667 trillion, maintains its dominance as the world’s most valuable asset, overshadowing both Nvidia and Apple by approximately $3 trillion each.

Bolstered by Institutional Confidence

The current Bitcoin market saga has not gone unnoticed. The Kobessi Letter highlights Bitcoin’s rising market value and its significant price movements, pointing to the digital currency's potential. While gold's market value dwarfs Bitcoin by a factor of ten, Bitcoin is poised for further growth.

Driving Bitcoin’s price surge are in part the favorable conditions spurred by Donald Trump’s election win, who is known for his supportive stance on cryptocurrencies. With Republican control of both houses, the new administration is expected to pursue more crypto-friendly policies, further fueling Bitcoin's rise.

Complementing the "Trump Effect" is a bullish sentiment among institutional investors that contributes to Bitcoin's ongoing rally. Financial institutions are increasingly incorporating Bitcoin into their investment strategies, which has driven up cryptocurrency prices. Bloomberg senior analyst Eric Balchunas reported a notable uptick in Bitcoin ETF trading volumes. For instance, the iShares Bitcoin Trust (IBIT) recorded a trading volume of $4.5 billion.

MicroStrategy, led by Michael Saylor, remains one of the biggest beneficiaries of this Bitcoin surge.

The company holds the largest Bitcoin portfolio, with its stock trading at $340. On Monday, the firm announced the acquisition of an additional 27,200 BTC, bringing its total holdings to 279,420.

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