Bitcoin Becomes 8th Largest Asset Globally After Surpassing Silver
The market cap of Bitcoin (BTC) has reached a significant new high, surpassing silver with a value of $1.736 trillion, positioning it as the 8th largest global asset, according to CoinMarketCap. This milestone comes as Bitcoin recently soared above $88,000, rising by 10% on the day, while silver dropped 2%, enabling Bitcoin to pull ahead.
A Remarkable Achievement
With this surge, Bitcoin now ranks behind only gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco. The Kobessi Letter, a prominent financial market commentary, highlighted this achievement, highlighting the fact that gold is still 10 times larger than Bitcoin is remarkable, as not only does this underscores the immense size of gold but also indicates the potential for Bitcoin and its long-term growth.
Still, although Bitcoin has already seen a remarkable year-to-date gain of over 100%, it would need to increase by a factor of 10 to reach the market capitalization of gold. The recent market movement has also been largely driven by institutional buying and the growing popularity of Bitcoin ETFs, as well as Donald Trump once again winning the United States Presidency.
$100K In Sight
Bloomberg Senior ETF Analyst Eric Balchunas observed that the BlackRock iShares Bitcoin Trust (IBIT) recorded $4.5 billion in trading volume today. Meanwhile, the broader Bitcoin industrial complex, which includes Bitcoin ETFs, MicroStrategy, and Coinbase, achieved a record trading volume of $38 billion.
Analysts believe that if this momentum continues, Bitcoin could indeed surpass the $100,000 mark by the end of 2024. Having recently reached an all-time high of $89,000, Bitcoin is now less than 14% away when it comes to reaching that illusive $100K target.
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