The relentless ascent in Bitcoin’s price, initiated shortly after the U.S. presidential elections, is causing significant ripples across the global economy. Recently, Bitcoin experienced a substantial surge, with its value surpassing the $89,000 mark. This remarkable rise represents a 27% increase from the previous week, drawing unprecedented attention and inflows into Bitcoin ETFs. As a result, various funds have shattered records, and Bitcoin’s market capitalization has redefined the rankings of the world’s most substantial assets.
Bitcoin Overtakes Silver: Now the 8th Largest Asset
In an impressive leap, Bitcoin has ascended to the 8th position among the “Top 10 Largest Assets by Market Cap,” boasting a total market valuation of approximately $1.756 trillion. This achievement places it slightly ahead of silver, which holds a market value of about $1.736 trillion. This milestone marks the second instance where Bitcoin has surpassed silver, propelled by a bullish sentiment surrounding Bitcoin ETFs and blockchain technology. Bitcoin’s inclusion among the top global assets highlights its growing acceptance as a viable alternative to traditional assets like gold.
Bitcoin’s Market Value Grows As Price Tops $89k
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This week, Bitcoin’s price rally continues to defy expectations, reaching a new all-time high of $89,000. On Tuesday, November 12th, Bitcoin surged past this remarkable threshold, showcasing an 11.3% increase. While silver experienced a 2% decline, Bitcoin seized the 8th position on the global asset list. In this reshuffled hierarchy, Bitcoin now trails behind Saudi Aramco, which ranks 7th. The list is topped by giants such as Amazon, Google, Microsoft, Apple, Nvidia, and gold, with gold maintaining its dominance as the world’s largest asset, boasting a colossal market cap of $17.667 trillion, outpacing Nvidia and Apple by approximately $3 trillion each.
A Milestone Worth Celebrating
The Kobessi Letter reflects on Bitcoin’s current market value and price trajectory as a testament to the digital asset’s potential. While gold’s valuation remains significantly larger than Bitcoin’s, being ten times greater, the potential for further growth in Bitcoin is undeniable. This projection underscores the evolving landscape of digital assets and their increasing significance in the financial world.
Bitcoin’s steady price increase is partly attributed to the recent U.S. election, with President Trump’s convincing victory playing a pivotal role. Known for his favorable stance towards the crypto community, Trump’s administration, backed by a Republican-controlled Congress, is poised to implement crypto-friendly policies, further fueling Bitcoin’s momentum.
Big Volumes And Bullish Sentiment From Institutional Investors
In addition to the “Trump Effect,” Bitcoin’s rally is also driven by a bullish sentiment from institutional investors. Numerous financial institutions are integrating Bitcoin and other cryptocurrencies into their portfolios, thereby elevating the value of digital assets. Bloomberg’s senior analyst, Eric Balchunas, highlighted a notable increase in trading volumes for Bitcoin ETFs, with the iShares Bitcoin Trust (IBIT) achieving a remarkable $4.5 billion trading volume recently.
MicroStrategy, led by Michael Saylor, is another entity thriving amid the Bitcoin surge. MicroStrategy, which holds the largest Bitcoin-based portfolio, recently announced the acquisition of 27,200 BTC, bringing its total holdings to 279,420 BTC. The company’s shares are currently trading at $340, reflecting the positive impact of its Bitcoin investments.
