Bitcoin has surpassed silver with a market cap of $1.756 trillion, securing its position as the world’s 8th largest asset, according to Companies Market Cap. The flip happened at least once this year, driven by continued positive sentiment around the spot exchange-traded funds (ETFs) in March.
Such a milestone reflects BTC’s growing acceptance not only as a digital currency but also as a substantial asset class alongside traditional assets like gold and major corporate giants.
Bitcoin climbs global asset rankings as it surges past $89,000
The leading crypto’s achievement follows its price surge beyond $89,000 on Monday—an 11.3% daily gain—while silver declined by 2%, allowing Bitcoin to move up in the rankings. With this rally, BTC now trails only Gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco among the world’s largest assets.
The Kobessi Letter, a leading capital markets commentary, remarked on this BTC milestone, saying:
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.
– Kobessi Letter
Cryptocurrency prices have surged since Donald Trump’s U.S. election victory as investors anticipate a friendlier approach towards digital assets during his presidency with Republicans looking increasingly likely to take control of both houses of the legislation. Bitcoin has risen 27% over the past week, while many altcoins have seen gains double or even triple that amount.
Institutional investors drive BTC’s rally, boosting corporate holdings and trading volumes
Bitcoin’s recent appreciation has been buoyed by increased adoption and global financial institutions integrating BTC into their investment portfolios. These developments have heightened its appeal, especially amid fluctuating economic conditions and concerns over fiat currency stability.
Bloomberg Senior ETF Analyst Eric Balchunas observed that BlackRock’s iShares Bitcoin Trust (IBIT) saw $4.5 billion in trading volume on Monday.
MicroStrategy (MSTR), the Nasdaq-listed software company with the largest corporate Bitcoin treasury, surged 25%, completing the day at a new all-time high of $340, breaking its 24-year-old record from the dotcom bubble era.
On Monday, the firm said that it has acquired 27,200 BTC, raising its total holdings to 279,420 BTC, which is worth approximately $24.5 billion at current prices.
The broader “Bitcoin industrial complex”—comprising Bitcoin ETFs, MicroStrategy, and Coinbase—hit a lifetime high of $38 billion in trading volume. Despite an impressive year-to-date gain of over 100%, BTC would need a 10x increase to reach Gold’s market cap.
Source: https://www.cryptopolitan.com/bitcoin-surges-to-8th-largest-global-asset/