Key Takeaways
Bitcoin’s market cap has surpassed that of silver, reaching $1.736 trillion.
There is strong institutional interest in Bitcoin, with BlackRock’s IBIT Bitcoin Trust seeing $4.5 billion in trading volume.
According to the Companies Market Cap website, Bitcoin now holds the title of the world’s 8th largest asset.
This achievement comes as Bitcoin’s price soared to over $88,000, gaining 10% in a single day, while silver dropped 2%, allowing Bitcoin to take the lead.
Following this rally, Bitcoin now trails only gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco in terms of global asset rankings.
The Kobessi Letter, a prominent capital markets commentary, commented on this milestone, stating:
“The fact that gold is still 10 TIMES larger than Bitcoin is incredible. Not only does this show how big gold is, but it also shows how big Bitcoin can be.”
Despite already experiencing an impressive year-to-date increase of over 100%, Bitcoin would need to increase tenfold from its current level to match the market cap of gold.
Today’s market movement has largely been driven by institutional buying and the continued popularity of Bitcoin ETFs.
Bloomberg’s Senior ETF Analyst Eric Balchunas noted that BlackRock’s iShares Bitcoin Trust (IBIT) saw $4.5 billion in trading volume today.
Meanwhile, the broader “Bitcoin industrial complex,” including Bitcoin ETFs, MicroStrategy, and Coinbase, reached a record high of $38 billion in trading volume.
Bitcoin’s rally follows Trump’s recent election win, sparking optimism that his pro-crypto stance could lead to regulatory support for digital assets.
Analysts suggest that if this sentiment continues, Bitcoin could surpass the $100,000 milestone by the end of 2024. With a recent all-time high of $88,000, Bitcoin is now just 14% away from reaching six figures.
