As a seasoned crypto investor with a decade of experience under my belt, I must admit that watching Bitcoin break into the Top 10 Largest Assets by Market Cap has left me utterly speechless and overjoyed at the same time. I remember when I first invested in Bitcoin back in 2013, struggling to explain its potential to skeptical friends and family members who thought I was throwing my hard-earned money down the drain.
The relentless surge in the value of Bitcoin, triggered by the US presidential elections a day ago, is causing ripples throughout the economy. Today, it reached an astounding $89k, marking a 27% rise compared to last week. Moreover, there’s been a significant influx into Bitcoin Exchange-Traded Funds (ETFs), shattering previous records. This price movement has even rearranged the global ranking of assets based on market capitalization.
#Bitcoin flips Silver! Now the 8th largest asset by market cap.
— MEXC (@MEXC_Official) November 12, 2024
According to the latest ranking of the largest assets by market capitalization, Bitcoin now stands 8th place with a total worth of approximately $1.756 trillion. This value surpasses that of silver, which is currently valued at $1.736 trillion. For the second time, this digital asset has moved ahead of silver in these rankings. The boost in its position can be attributed to optimistic views towards Bitcoin ETFs and the blockchain industry as a whole, fueling bullish sentiments.
As an analyst, I find it noteworthy that Bitcoin’s rise among global assets signifies a significant shift in public perception towards cryptocurrencies. This upward trajectory underscores Bitcoin’s emerging status as a viable alternative to conventional assets such as gold, demonstrating growing trust and acceptance of this digital currency in the mainstream financial world.
Bitcoin’s Market Value Grows As Price Tops $89k
In my research, I’ve observed an extraordinary upward trajectory for Bitcoin this week, breaching another record high of $89,000 on November 12th. This surge represents a significant 11.3% growth, while silver experienced a minor dip of 2%. Consequently, Bitcoin has ascended to the 8th position in the list of most valuable assets.
In its recent price movements, Bitcoin has dropped behind Saudi Aramco, placing it at the 8th position in the world’s top assets. Amazon, Google, Microsoft, Apple, Nvidia, and gold make up the remaining spots in the Top 10. Notably, gold holds the number one spot with a market capitalization of approximately $17.667 trillion, significantly surpassing the market caps of Nvidia and Apple by roughly $3 trillion each.
A Milestone Worth Celebrating
As stated in The Kobessi Letter, Bitcoin’s current market worth and recent price fluctuations suggest its significant future potential. Moreover, the letter expresses amazement at gold’s immense value, which is 10 times greater than Bitcoin, but it also anticipates that Bitcoin, as the leading digital asset, could expand even further in value.
Over the past few weeks, Bitcoin’s price has been steadily rising, with some of this increase attributed to Trump’s convincing victory in the election. Trump is known for being supportive of the cryptocurrency community. With Republicans now controlling both houses following the last election, it should be easier for President Trump to implement his pro-crypto policies.
Big Volumes And Bullish Sentiment From Institutional Investors
Beyond the “Trump Effect,” Bitcoin is also experiencing a surge due to optimistic attitudes from institutional investors. These financial giants are increasingly incorporating BTC and cryptocurrencies into their investment portfolios, which in turn pushes up the prices of these digital assets. For instance, Eric Balchunas, senior analyst at Bloomberg, pointed out an escalation in trading volume for Bitcoin ETFs, with the iShares Bitcoin Trust (IBIT) recording a $4.5 billion trading volume just yesterday.
Another firm, MicroStrategy, is also seeing advantages due to the surge in Bitcoin interest. Currently, shares of Michael Saylor’s MicroStrategy are being traded at $340, as they hold the largest Bitcoin-related investment portfolio. On Monday, it was disclosed that the company had acquired an additional 27,200 Bitcoins, increasing its total holdings to approximately 279,420.
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2024-11-12 18:42