Bitcoin has surpassed silver in the ranking of the most expensive assets by market capitalization. The cryptocurrency managed to pull ahead amid a wave of growth triggered by Donald Trump's victory in the US presidential election
As of the time of writing the review, $BTC
is trading at $88,114 and the coin's market capitalization has reached $1.744 trillion. At the same time, silver is trading at $30.64 with a market capitalization of $1.725 trillion.
Why bitcoin is growing
The crypto market went into growth in anticipation of the realization of Trump's promises. The politician plans to support the development of the crypto market. One of his initiatives involves the formation of a bitcoin reserve in the United States. Earlier, the editorial staff of BeInCrypto wrote that there are indirect signs of the beginning of the project.
Another factor in the growth of the crypto market was the movement of the U.S. Federal Reserve on the path of reducing the key interest rate. The changes increase the investment attractiveness of high-risk assets such as bitcoin.
Also, the behavior of the crypto market could be influenced by the delayed halving effect. The event halves the cryptocurrency's mining rate, leading to shortages over time. The change, as the history of observations shows, pushes the coin's exchange rate upwards.
BTC has outperformed silver
At the beginning of the growth wave, bitcoin managed to overtake Mark Zuckerberg's Meta, recognized as extremist in the Russian Federation, in the ranking of the most capitalized assets. Now #BTC☀ has overtaken silver as well, securing the eighth position in the overall standings. Earlier, bitcoin was already ahead of the precious metal at the moment amid the growth in the spring of 2024.
Next in line is UAE-based oil company Saudi Aramco. At the time of writing the review, BTC is only slightly behind it in capitalization.
At the same time, BTC is inferior to Tesla shares in terms of growth rates. Securities of the electric car manufacturer rose by 8.96% over the day, compared to 7.98% for bitcoin. Recall, the founder of Tesla Ilon Musk actively supports Donald Trump. Largely for this reason, against the background of the victory of the politician, the company's shares began to grow.
Continued growth may help bitcoin to climb higher in the ranking of the most capitalized assets. At the same time, BTC is still a long way from the leader, gold. Capitalization of precious metal, which investors traditionally use to protect savings from inflation, is $17.615 trillion, which is 10 times higher than the result of bitcoin. To get close to gold, the value of each of the 19.78 million BTC mined would have to exceed $890,000.