Key Takeaways
Bitcoin’s market cap has exceeded that of silver, reaching $1.736 trillion.
Today, there was significant institutional interest in Bitcoin, with BlackRock’s IBIT Bitcoin Trust recording a trading volume of $4.5 billion.
Bitcoin’s market cap has reached a new milestone, surpassing silver and becoming the world’s 8th largest asset, according to the Companies Market Cap website.
World’s largest assets by market cap (Companies Market Cap)
This accomplishment comes as Bitcoin’s price surged to over $88,000 today, gaining 10% in a single day, while silver experienced a 2% decline, allowing Bitcoin to move ahead.
Following this recent rally, Bitcoin now ranks behind only gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco in terms of global assets.
The Kobessi Letter, a prominent capital markets commentary, commented on this Bitcoin 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 its market cap by 10 times from its current level in order to match that of gold.
Today’s market movement has been largely fueled by institutional buying and the continued popularity of Bitcoin ETFs.
Eric Balchunas, Bloomberg’s Senior ETF Analyst, noted that BlackRock’s iShares Bitcoin Trust (IBIT) recorded a trading volume of $4.5 billion today.
Meanwhile, the broader “Bitcoin industrial complex,” including Bitcoin ETFs, MicroStrategy, and Coinbase, reached a record high trading volume of $38 billion.
Bitcoin’s rally follows Trump’s recent election win, generating optimism that his pro-crypto stance could lead to regulatory support for digital assets.
Analysts suggest that if this sentiment persists, Bitcoin could surpass the $100,000 milestone by the end of 2024. With a recent all-time high of $88,000, Bitcoin is now within 14% of reaching six figures.
