As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous paradigm shifts and market cycles. The recent meteoric rise of Bitcoin, surpassing Silver to become the eighth-largest global asset, is truly unprecedented and a testament to the digital currency’s growing influence.
In just seven days, Bitcoin has experienced an incredible 30% increase, reaching a market value of approximately $1.75 trillion and moving up to eighth place among global assets, surpassing Silver. Over this period, Bitcoin’s market cap has grown by more than $400 billion as it approaches the $100K mark. If its price exceeds $90K in the near future, it will overtake Saudi Aramco, the world’s largest oil company.
Bitcoin Overtakes Silver With New Record Highs
In the last week, Bitcoin has surpassed silver in terms of value and is now ranked as the eighth-largest asset class, worth approximately $1.75 trillion. This growth has occurred even though silver prices have risen by 44% since the start of 2024. However, Bitcoin is stealing the show, with its gains this year increasing to a staggering 101%, thanks to its recent rally that pushed its price up to $89,000.
Additionally, as shown in this chart from Companiesmarketcap, Bitcoin may surpass the global oil titan Saudi Aramco following a 3% increase from its present value.
Predictions suggest that Bitcoin’s price could surge to $200K by next year, potentially surpassing industry titans such as Amazon, Alphabet, and Microsoft. Yet, it’s important to note that Bitcoin’s challenge in overtaking Gold – which is currently 10 times its size – remains a lengthy endeavor.
After Donald Trump’s election win a week ago, the price of Bitcoin (BTC) has been surging steadily due to increased investments in Bitcoin exchange-traded funds (ETFs). Many financial experts anticipate this upward trend to persist, potentially reaching $100,000 by the end of the year. Mike Colonnese, analyst at H.C. Wainwright, shares this view.
A robust optimistic outlook anticipates that a favorable attitude towards Bitcoin will continue until the end of 2024, and there’s a possibility that its value could climb into six figures by the end of this year.
The surge in Bitcoin (BTC) prices and other altcoins has significantly tied into the “Trump trade,” with the cryptocurrency sector eagerly awaiting new policies. Additionally, there’s been an increase in advocacy for Bitcoin to serve as a US reserve asset since Trump’s election victory.
BTC As a Reserve Asset?
As an analyst, I foresee a significant change in the regulatory landscape concerning cryptocurrencies under the Trump administration, as hinted by recent discussions with CNBC. Matt Hougan, the Chief Investment Officer at Bitwise Asset Management, expressed this perspective in our conversation.
In a favorable regulatory climate, we’ve got some assistance propelling us forward. Given that the market was already experiencing growth, this advantage should help us achieve even greater heights.
As more voices advocate for Bitcoin as a potential reserve currency, financial commentator Peter Schiff cautions that such a shift might ultimately result in the weakening or downfall of the U.S. Dollar.
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2024-11-12 08:13