The unstoppable surge in Bitcoin prices, which began a day after the US presidential elections, is creating a ripple effect on the economy. The value has recently increased significantly, with Bitcoin surpassing $89,000 earlier today, a 27% increase from the previous week. Then there are record inflows into Bitcoin ETFs, pushing funds to break records. This price action has also reshaped the list of the world’s largest assets by market capitalization.
#Bitcoin return the money! Now the 8th largest asset in terms of market capitalization.🚀 pic.twitter.com/RAPCJd5gd2
– MEXC (@MEXC_Official) November 12, 2024
Based on the updated list of top assets, Bitcoin is now ranked 8th on the “Top 10 Assets by Market Cap” list, with a total market value of $1.756 trillion, slightly ahead of silver, valued at $1.736 trillion. This is the second time the digital asset has surpassed silver in the rankings, driven by bullish sentiment on Bitcoin ETFs and blockchain in general.
Bitcoin’s entry among the world’s leading assets demonstrates the growing public acceptance of the crypto asset and its role as an alternative to traditional assets like gold.
Bitcoin Market Value Increases as Price Surges Above $89,000
Bitcoin continues its surprising rally this week, testing another all-time high at $89,000. On Tuesday, November 12, the digital asset surpassed $89,000, reflecting an increase of 11.3%, while silver fell by 2%, allowing Bitcoin to rise to 8th place on the list.
With this latest price action, Bitcoin is now behind Saudi Aramco, which is ranked 7th. Amazon, Google, Microsoft, Apple, Nvidia and gold round out the Top 10. Gold remains the world’s leading asset, with a market capitalization valued at $17.667 billion, eclipsing Nvidia and Apple by around $3 trillion. dollars each.
BTC registers a new ATH. Source: Bitstamp
An important milestone to celebrate
According to The Kobessi Letter, Bitcoin’s current market value and recent price action reflect the digital asset’s potential. The comment further reacted by saying that the value of gold, which is 10 times that of BTC, is incredible. However, he also sees even greater growth potential in the leading digital asset.
BTCUSD trading at $87,604 on the daily chart: TradingView.com
The price of Bitcoin has been steadily rising recently, thanks in part to Trump’s convincing election victory. Trump has a friendly approach towards the crypto community. With Republicans winning both houses in the last vote, it will be easier for the new president to continue his pro-crypto policies.
Large volumes and bullish sentiment among institutional investors
In addition to the “Trump effect,” Bitcoin is also recovering thanks to the bullish sentiment of institutional investors. Many financial institutions are integrating BTC and cryptos into their wallets, thereby increasing the prices of digital assets. For example, Bloomberg Senior Analyst Eric Balchunas noted a solid increase in Bitcoin ETF trading volume, with iShares Bitcoin Trust (IBIT) enjoying $4.5 billion in trading volume yesterday.
MicroStrategy is another company profiting from the Bitcoin rush. Michael Saylor’s MicroStrategy holds the largest Bitcoin-based portfolio, with its shares currently trading at $340. On Monday, the company announced that it purchased 27,200 BTC, bringing its total to 279,420.
Featured image of Siam Bitcoin, chart from TradingView
