Bitcoin Surpasses Silver's Market Cap, Price Reaches Near $90,000 on Trump Boost
Bitcoin is now ahead of silver in terms of market capitalisation, with Bitcoin at $1.757 trillion, while silver $1.729 trillion.
Bitcoin All-Time High: Bitcoin on Tuesday climbed close to $90,000, amid continued rally in the cryptocurrency market on the euphoria since the election of Donald Trump as US president on expectations that his administration will be crypto-friendly. With a market capitalisation of $1.75 trillion, the world’s biggest cryptocurrency has surpassed silver’s market capitalisation of $1.729 trillion.
On Tuesday, Bitcoin hit its all-time high of $89,604 at 4:55 am, which is over 10 per cent higher than the price recorded 24 hours ago. As of 10:38 am, the crypto was trading at $88,788.14.
“As on November 12, 2024, Bitcoin is ahead of silver in terms of market capitalisation, with Bitcoin at $1.757 trillion, while silver $1.729 trillion. As a result, Bitcoin is the eighth biggest asset in the world by market capitalisation," said Avinash Shekhar, co-founder and CEO of Pi42.
He added that the surge in the crypto’s movement may be because the investors are optimistic, as can be gauged from the recent increasing volumes of trades in the trading of ETF.
“Optimism is that Bitcoin can easily go up to $100,000, but after taking profit to a correction of about $75,000 briefly," Shekhar said.
The crypto market has reached a historic milestone, surpassing a total market capitalisation of $3.12 trillion, edging closer to the size of France’s GDP. Meanwhile, crypto equities followed suit, with stocks like Coinbase and MicroStrategy posting impressive gains of 20-30 per cent. MicroStrategy, in particular, saw a 25 per cent rally, closing at a new all-time high of $340."