Tanahub.com — Bitcoin (BTC) continues to solidify its position as one of the hottest investment assets in the world. Currently, BTC, often dubbed “digital gold,” ranks 7th among the largest assets globally.
Bitcoin’s market capitalization currently stands at $1.807 trillion, with the asset priced at $91,335 per coin. If the upward trend continues, BTC could surpass the market cap of tech giant Google (GOOG), which is currently in 5th place with a valuation of $2.154 trillion.
To achieve this, BTC would need to rise by 20% to reach a price of $110,000. However, this assumption holds only if Google’s stock remains stagnant or experiences only minor growth.
At the top of the list, gold still leads with a market capitalization of $17.653 trillion. Below it are Apple, NVIDIA, Microsoft, and Amazon, respectively. Nevertheless, Bitcoin’s aggressive growth continues to attract major investors’ attention.
BTC has already surpassed silver and oil giant Saudi Aramco, as well as Meta (Facebook), Tesla, and Warren Buffett’s Berkshire Hathaway.
Citing Cryptoslate, this price surge reflects a 39.5% increase from its pre-U.S. election low of $66,880. The nine-day rally marks the largest price jump since January 2021, with a market value far exceeding the $450 billion valuation two years ago.
On the flip side, this price increase has triggered profit-taking activities. A net outflow of $640 million was recorded over the past two days. This pattern indicates a consolidation phase, similar to trends in traditional financial markets when investors realize profits following sharp rallies.
According to analytics firm CryptoQuant, retail investor activity has also surged. Bitcoin transactions under $100,000 have reached their highest level in three years in recent times.
Retail investors are coming: #Bitcoin transaction volume under $100K hit a 3-year high. pic.twitter.com/S0pG6eErlY
— Ki Young Ju (@ki_young_ju) November 18, 2024
However, current retail interest is considered far below the euphoria of the 2021 bull run. At that time, Coinbase became the most popular app on the Apple Store and saw a surge in Google search keywords. This scenario reflects the hype surrounding Bitcoin and crypto, which still has room to grow.
Bitcoin ETF Popularity Surpasses Gold
Previously, CryptoQuant also noted that Bitcoin spot exchange-traded funds (ETFs) now control 5.3% of BTC’s total global supply. Bitcoin holdings managed by ETFs have reached 1.05 million BTC as of mid-November. The surge in Bitcoin spot ETF holdings has led analysts to predict that the market capitalization of Bitcoin ETFs will surpass gold ETFs within the next two months.
BTC’s phenomenal rise as an investment asset has even outpaced gold ETFs managed by investment giant BlackRock. BlackRock’s iShares Gold ETF (IAU) took 20 years to reach $33 billion in assets under management since its launch in 2005.
Meanwhile, BlackRock’s iShares Bitcoin ETF (IBIT), launched in January 2024, achieved the same level of managed assets as the gold ETF in less than 10 months.
This reflects the high interest and capital inflow into Bitcoin ETFs compared to gold ETFs, even though gold has long been a more established investment asset.