Bitcoin surged over 9%, pushing its market cap to above $1.75 trillion and securing its spot as the eighth-largest asset in the world, instead of silver.
This already happened before, but still nice.
We had an ATH today, but what about the second ATH?
On November 11, Bitcoin reached a peak of $89,560 before settling a bit lower. This jump comes on the heels of strong institutional demand and a growing interest in U.S. spot Bitcoin ETFs.
It’s worth noting that this is the second time this year Bitcoin has outpaced silver, having first done so back in March.
While Bitcoin is basking in the limelight, silver isn’t having such a great time. The precious metal saw a decline of 6.24% over the past week, bringing its market cap down to about $1.732 trillion.
Meanwhile, Bitcoin has skyrocketed by around 30% during that same period.
This shift in rankings highlights how traditional investors are starting to see Bitcoin not just as a speculative asset but as a serious contender for value storage, similar to silver, though still far behind gold, which boasts a market cap of around $14.7 trillion.
Political winds boost Bitcoin
The rally can also be linked to political changes in the U.S., particularly Donald Trump’s victory in the elections.
His win caused serious vibe shift among investors, suggesting that pro-crypto lawmakers could finally bring favorable regulations for digital assets.
Rachael Lucas, a crypto analyst at BTCMarkets, mentioned that if this positive sentiment continues, we could see even more inflows into Ethereum and other DeFi assets as institutional investors position themselves for potential regulatory changes.
Marketwide rally
Bitcoin’s impressive performance has also lifted related markets. The so-called Bitcoin Industrial Complex, which includes major players like MicroStrategy and Coinbase, recorded $38 billion in trading volume recently, its highest ever!
Coinbase’s stock hit a three-year high at $334, while MicroStrategy also broke records with its stock climbing above $351 for the first time in almost 25 years.
As it stands now, Bitcoin trails only seven global assets, gold, tech giants NVIDIA, Apple, Microsoft, Alphabet, Amazon, and Saudi Aramco.
If Bitcoin can break into the $90K range soon, it might just take aim at surpassing Saudi Aramco’s market cap of $1.8 trillion.
