Bitcoin has surpassed silver to become the eighth largest asset in the world, with a market capitalization of $1.75 trillion. This occurs as #bitcoin☀️ touches a record high of $89,560 before slightly decreasing, according to data from CoinGecko. During the day, Bitcoin's price rose more than 9% thanks to strong demand from financial institutions and ongoing interest in Bitcoin exchange-traded funds in the US (spot Bitcoin ETFs).
This is the second time this year that Bitcoin has surpassed silver in market capitalization, the first occurrence happening in March. Meanwhile, silver has decreased by 6.24% in the past week, bringing its total market capitalization down to $1.732 trillion, while $BTC has increased by about 30% in the same time frame.
This growth reflects a shift in the perception of Bitcoin from a speculative asset to an accepted financial tool on Wall Street, especially after Donald Trump's victory in the US election. Many investors expect support from lawmakers who favor cryptocurrency will help Bitcoin continue to grow.
At the same time, metrics related to Bitcoin have also grown strongly. The 'Bitcoin Industrial Complex' index, which includes Bitcoin ETFs listed in the US, MicroStrategy shares, and Coinbase, reached a record with $38 billion in trading volume. Coinbase shares hit a three-year high of $334.24, while MicroStrategy also reached a new high after 25 years, surpassing $351.
Bitcoin currently ranks just behind seven global assets, including gold with a market capitalization of $14.7 trillion and leading technology companies such as NVIDIA, Apple, Microsoft, Alphabet, Amazon, and the oil company Saudi Aramco. Although gold is still ten times larger than Bitcoin in market capitalization, the narrative of Bitcoin's scarcity continues to attract investors seeking a hedge against the uncertainties of traditional markets.
