At $1.7 trn m-cap, Bitcoin beats silver to become 8th largest asset in world

Bitcoin surpassed silver to become the 8th largest asset in the world, with a market capitalization of $1.752 trillion, edging out silver at $1.726 trillion. The cryptocurrency surged 9% to $88,570 in the last 24 hours, fueled by optimism around Donald Trump’s election win and expectations of a more crypto-friendly U.S. government.

Apart from Silver, Bitcoin’s market cap also exceeded those of major companies like Meta Platforms ($1.472 trillion), Tesla ($1.123 trillion), and even Warren Buffett’s Berkshire Hathaway ($1.007 trillion).

Meanwhile, Gold maintains its position as the top asset with a market cap of $17.6 trillion, followed by Nvidia, Apple, Microsoft, and Alphabet (Google) in the top five.

The cryptocurrency’s rise has been fueled by optimism surrounding Donald Trump’s presidential election victory and expectations of a crypto-friendly administration. Reports suggest Trump is considering appointing pro-crypto advocates, including Mark Uyeda and Paul Atkins, as replacements for SEC Chairman Gary Gensler, potentially easing regulatory scrutiny on the industry.Also Read: Can Bitcoin surpass the $100K mark in 2024?

Since the election, Bitcoin has been a standout performer, reaching $89,604 and achieving a nearly 30% gain since November 5.

The rally was further bolstered by MicroStrategy Inc.’s acquisition of 27,200 Bitcoin for $2.03 billion, its largest purchase since the company began its Bitcoin strategy over four years ago. The software firm, known for its significant Bitcoin investments, acquired these tokens between Oct. 31 and Nov. 10. This purchase marks its biggest buy since December 2020, when it added 29,646 Bitcoin to its holdings.

BTC is now just $11,000 away from the $100K mark. Breaking one record after the other, Bitcoin has gained enough momentum to break the psychological mark of $100,000 within the year-end, said Alankar Saxena, Co-founder of Mudrex.

“Currently, BTC has strong support at $75,600. If BTC maintains the momentum, it could likely have another jump to $90K, making its way to the $100K mark by the end of the year,” Saxena said.

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