Bitcoin Surpasses Silver to Become Eighth Largest Asset in the World

Bitcoin’s Market Cap Exceeds Silver’s

Rally Following Trump’s Election Win

Following Donald Trump’s presidential election win, a rally ensued that led to a moderation in Bitcoin’s price. The cryptocurrency’s valuation has surpassed silver, making it the eighth largest asset globally with a market capitalization of $1.72 trillion, ahead of silver’s $1.71 trillion.

Bitcoin’s Soaring Price

Optimism Sparks Record Highs

Bitcoin’s price has surged by 5.6% in the last 24 hours, adding to a recent rally where it reached several new record highs. Analysts predict that Bitcoin could cross the $100,000 threshold as it nears $90,000 with six weeks left in the year.

Trump’s Influence on Bitcoin

A Pro-Crypto President

Trump’s pro-Bitcoin stance and policies have been a driving force behind the recent surge in Bitcoin’s value. Investors are increasingly optimistic about the future of cryptocurrency under his administration, with promises of a national Bitcoin reserve and a crypto advisory council.

Investor Confidence in Bitcoin ETFs

Record Inflows

Following Trump’s election win, investors have shown confidence in Bitcoin by pouring cash into spot Bitcoin ETFs. U.S. Bitcoin ETFs recorded unprecedented inflows, with BlackRock and Fidelity leading with significant investments.

Ripple Effect on the Crypto Market

Digital Assets Show Significant Gains

Bitcoin’s all-time highs have led to a surge in the entire cryptocurrency market, driving gains in assets like Ether and Dogecoin. While some currencies have seen an increase, others, like Solana and Cardano, have experienced a decline.

Global Crypto Market Overview

Valuation and Growth

The global crypto market is currently valued at $2.91 trillion, showing a 4.09% increase in the past day according to CoinMarketCap. This significant growth reflects the growing appeal and adoption of digital assets worldwide.

Contributions to this article by Vinamrata Chaturvedi.