Bitcoin keeps setting new highs following the US elections and central bank’s rate cuts. Bitcoin could keep rising as the asset get bid across the world.
Bitcoin is now bigger than silver in terms of market value. According to data from Companies Market Cap, the flagship cryptocurrency has reached $1.745 trillion in market capitalization, taking over silver as the world’s 8th largest asset.
The Rally Won’t Quit!
The achievement comes less than a week after Bitcoin surpassed Meta’s market cap to become the 9th most valued global asset. At time of reporting, Meta’s market value was around $1.472 trillion while silver’s was $1.725 trillion.
Bulls have dominated the Bitcoin market since Donald Trump won the 2024 presidential election and the Federal Reserve made a second interest rate cut this year. Over the last seven days, Bitcoin has surged over 9% to above $88,400, CoinGecko data shows.
The world’s largest cryptocurrency now ranks behind only a few major assets, including gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco. Gold remains the most valued global asset with $17.6 trillion in market value.
Gold, a traditional store of value, still holds a much larger market cap than Bitcoin. However, given Bitcoin’s relatively short history, its substantial market cap suggests it has a lot of room for growth. The Kobeissi Letter suggests that Bitcoin could continue to climb the rankings.
“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,” said the well-known commentary.
Bitcoin ETFs On Track To Flip Gold ETFs
As Bitcoin moves higher, US spot Bitcoin ETFs have seen an uptick in both inflows and trading volumes. Eric Balchunas, a senior ETF analyst at Bloomberg, estimates that these funds could surpass gold ETFs in assets under management (AUM) within the next two months.
The expert previously projected that it might take four to five years for US-listed Bitcoin ETFs to hit gold ETFs’ achievement.
BlackRock’s iShares Bitcoin Trust (IBIT), the world’s leading crypto fund, has recently outperformed its iShares Gold Trust (IAU) in AUM. As of latest reports, IBIT’s Bitcoin holdings were valued at $34.5 billion while IAU’s gold stash was worth around $32.4 billion.
It’s noteworthy that it took IAU years to reach the level, while IBIT achieved it in less than 10 months. Bitcoin is popular – and it may hit $100,000 soon.
According to Farside Investors, spot Bitcoin ETFs experienced record inflows last week, with IBIT alone surpassing $1 billion in a single day on November 7. Total inflows for spot Bitcoin ETFs exceeded $1.3 billion that day, setting a new collective record.
The group also started this week on a high note. On November 11, roughly $7.2 billion worth of Bitcoin ETF shares were traded, with IBIT taking up to $4.6 billion. That figure is likely higher now.
Spot Bitcoin ETFs collectively logged around $357 million in net inflows on November 11, extending their winning streak to four consecutive days. IBIT’s data was excluded at press time as the fund has yet to report its flows.
Analysts expect continued growth in both Bitcoin and altcoin-related ETFs with Trump’s reelection, which is believed to lead to more favorable regulatory conditions for the cryptocurrency industry as a whole.
According to Gemini co-founder Cameron Winklevoss, steady institutional demand through spot Bitcoin ETFs are the driving force behind Bitcoin’s price rally. He suggests that the current market cycle is still in its early stages, meaning Bitcoin could soar to new highs in the future.
Bitcoin has surpassed $89,000 and is well on track to hit $90,000. Market analysts anticipate that ongoing institutional interest could push its price beyond $100,000 by the end of this year or even sooner.
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