Tanahub.com — Bitcoin’s market capitalization surpassed silver on Tuesday, November 12, 2024, reaching $1.75 trillion. This achievement secured Bitcoin’s position as the eighth largest asset in the world.
This milestone occurred after Bitcoin’s price surged past $89,000, hitting an all-time high (ATH) of $89,800. Previously, Bitcoin also overtook silver’s market cap in March this year.
The digital currency soared more than 9% in a single day, driven by heightened institutional investor demand for spot Bitcoin exchange-traded funds (ETFs) in the U.S. over the past few weeks.
Meanwhile, silver experienced a 6.24% decline over the past week, causing its market capitalization to drop slightly to $1.732 trillion. During the same period, Bitcoin’s value increased by approximately 30%.
Bitcoin’s price surge reflects a shift in investor sentiment, particularly following Donald Trump’s victory in the U.S. presidential election. This optimism suggests that U.S. policymakers may adopt a more pro-crypto stance.
Currently, many investors are seeking alternative high-risk investments compared to traditional assets.
Bloomberg senior ETF analyst Eric Balchunas noted on X that the Bitcoin Industrial Complex Index, which includes U.S. spot Bitcoin ETFs, MicroStrategy, and Coinbase, recorded a record trading volume of $38 billion.
Coinbase shares closed at $334.24 in Monday’s trading session, marking their highest price in three years. MicroStrategy shares also hit a record high of over $351, the first in nearly 25 years.
At present, Bitcoin trails behind the seven largest global assets: gold with a market cap of $14.7 trillion, followed by tech giants NVIDIA, Apple, Microsoft, and Alphabet, as well as Amazon. Saudi Aramco, the national oil and gas company, remains in seventh place with a value of $1.8 trillion.
Although gold’s market cap is ten times larger than Bitcoin’s, the two assets are often compared due to their scarcity, which appeals to investors seeking refuge from uncertainty in traditional markets.
Source: Volubit.id