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Joshua Fagbemi
Guest
After moving close to the $90,000 price tag, Bitcoin’s market capitalization has risen above silver’s. Presently, the digital asset’s market cap has reached $1.77 trillion to secure its position as the world’s eighth-largest asset. The digital asset’s market cap surged above other crypto assets, extending its lead over other altcoins.
This development marks the second time Btc has flipped silver this year, after overtaking the valuable commodity in March. Silver’s market capitalization is currently $1.7 trillion.
Silver’s Spot price
Meanwhile, Silver has witnessed a decline of 6.24% over the past week, bringing its total market cap to $1.732 trillion. Over the same period, Bitcoin has gone up by roughly 30%. The comparison with silver signals a transforming perception of Bitcoin among traditional investors. This has shifted it from a speculative asset to a fully embraced one.
The world’s foremost crypto has earlier surpassed Mark Zuckerberg’s Meta whose market capitalization is in the $1.4 trillion range. Bitcoin’s surge means that the crypto asset is now trailing Saudi Aramco which has a market cap of $1.8 trillion on the list of the top 10 market caps in the world.
Btc’s recent rally follows the US election where Donald Trump, a largely perceived pro-crypto candidate, was declared the winner of the polls. It has since then smashed its all-time high of several months surging to new heights and is now shockingly $1,000 away from $90,000.
Another factor that contributed to Bitcoin’s recent surge is the $1.1 billion net inflows into the US-based spot BTC exchange-traded funds on Monday, November 11. The Block Data also showed that whale transactions have also picked up surpassing the $100 billion mark yesterday.
Although Bitcoin’s performance for the week has helped attract investors, a lot seems ahead.
The digital asset now trails only seven global assets: Gold, with its $14.7 trillion market cap, followed by tech giants NVIDIA, Apple, Microsoft, Alphabet, and Amazon. Saudi Aramco, the national petroleum and natural gas company, retains its spot as the seventh-largest global asset at $1.8 trillion in size.
Meanwhile, gold remains more than 10 times larger than Btc in market capitalization. The scarcity narrative over the crypto asset continues to attract investors seeking a hedge against traditional market uncertainties.
The Financial Newsletter author described the gap thus: “The fact that gold is still 10 times larger than Bitcoin is incredible.” Also, the Kobessi Letter wrote in a Monday post on X. “Not only does this show how big gold is, but it also shows how big Bitcoin can be.“
Bitcoin’s recent ride has continued to make Coinbase and MicroStrategy flourish. The broader “Bitcoin Industrial Complex” index, which includes U.S.-listed spot Bitcoin ETFs, MicroStrategy, and Coinbase, achieved a record $38 billion in trading volume.
Coinbase stock closed at $334.24 for Monday’s trading session, marking a 3-year high. MicroStrategy’s stock also broke another all-time high above $351, its first in almost 25 years.
Also Read: Post-Trump victory: Bitcoin hit $80,000 mark, other cryptos show promising trend.
Polymarket, the industry’s biggest prediction market, is already drawing odds on the chances of Bitcoin hitting $90,000, $95,000, and $100,000 in the coming days.
According to a Polymarket poll with a $238,000 volume, it shows a 40% chance of Btc surpassing $100,000. Another poll which already contains a betting volume of $3.6 million, suggests an 80% chance of BTC reaching $90,000. Currently, the odds of prices touching $95,000 and $105,000 are sitting at 57% and 20% respectively.
Likewise, the asset’s rising price level is having a positive troll on other altcoins. Ethereum, the biggest altcoin, is currently exchanging hands for $3,270 surging by 2.8% in the last 24 hours.
The post Bitcoin market cap hits $1.77 trillion, becomes world’s eighth-largest asset first appeared on Technext.
This development marks the second time Btc has flipped silver this year, after overtaking the valuable commodity in March. Silver’s market capitalization is currently $1.7 trillion.
Silver’s Spot price
Meanwhile, Silver has witnessed a decline of 6.24% over the past week, bringing its total market cap to $1.732 trillion. Over the same period, Bitcoin has gone up by roughly 30%. The comparison with silver signals a transforming perception of Bitcoin among traditional investors. This has shifted it from a speculative asset to a fully embraced one.
The world’s foremost crypto has earlier surpassed Mark Zuckerberg’s Meta whose market capitalization is in the $1.4 trillion range. Bitcoin’s surge means that the crypto asset is now trailing Saudi Aramco which has a market cap of $1.8 trillion on the list of the top 10 market caps in the world.
Btc’s recent rally follows the US election where Donald Trump, a largely perceived pro-crypto candidate, was declared the winner of the polls. It has since then smashed its all-time high of several months surging to new heights and is now shockingly $1,000 away from $90,000.
Another factor that contributed to Bitcoin’s recent surge is the $1.1 billion net inflows into the US-based spot BTC exchange-traded funds on Monday, November 11. The Block Data also showed that whale transactions have also picked up surpassing the $100 billion mark yesterday.
Seven Assets Ahead: More Efforts from Bitcoin
Although Bitcoin’s performance for the week has helped attract investors, a lot seems ahead.
The digital asset now trails only seven global assets: Gold, with its $14.7 trillion market cap, followed by tech giants NVIDIA, Apple, Microsoft, Alphabet, and Amazon. Saudi Aramco, the national petroleum and natural gas company, retains its spot as the seventh-largest global asset at $1.8 trillion in size.
Meanwhile, gold remains more than 10 times larger than Btc in market capitalization. The scarcity narrative over the crypto asset continues to attract investors seeking a hedge against traditional market uncertainties.
The Financial Newsletter author described the gap thus: “The fact that gold is still 10 times larger than Bitcoin is incredible.” Also, the Kobessi Letter wrote in a Monday post on X. “Not only does this show how big gold is, but it also shows how big Bitcoin can be.“
Bitcoin’s recent ride has continued to make Coinbase and MicroStrategy flourish. The broader “Bitcoin Industrial Complex” index, which includes U.S.-listed spot Bitcoin ETFs, MicroStrategy, and Coinbase, achieved a record $38 billion in trading volume.
Coinbase stock closed at $334.24 for Monday’s trading session, marking a 3-year high. MicroStrategy’s stock also broke another all-time high above $351, its first in almost 25 years.
Also Read: Post-Trump victory: Bitcoin hit $80,000 mark, other cryptos show promising trend.
Bitcoin to hit $100,000 – Forecast
Polymarket, the industry’s biggest prediction market, is already drawing odds on the chances of Bitcoin hitting $90,000, $95,000, and $100,000 in the coming days.
According to a Polymarket poll with a $238,000 volume, it shows a 40% chance of Btc surpassing $100,000. Another poll which already contains a betting volume of $3.6 million, suggests an 80% chance of BTC reaching $90,000. Currently, the odds of prices touching $95,000 and $105,000 are sitting at 57% and 20% respectively.
Likewise, the asset’s rising price level is having a positive troll on other altcoins. Ethereum, the biggest altcoin, is currently exchanging hands for $3,270 surging by 2.8% in the last 24 hours.
The post Bitcoin market cap hits $1.77 trillion, becomes world’s eighth-largest asset first appeared on Technext.