Bitcoin Surpasses Silver in Market Cap, Nears $90,000 Amid Trump Boost
Bitcoin is now ahead of silver in terms of market capitalisation, with Bitcoin at $1.757 trillion, while silver $1.729 trillion.
Bitcoin surged near $90,000 on Tuesday, fueled by optimism over Donald Trump’s election and expectations of a crypto-friendly administration. With a market cap of $1.75 trillion, Bitcoin has surpassed silver, valued at $1.729 trillion.
On Tuesday, Bitcoin hit its all-time high of $89,604 at 4:55 am, which is over 10 per cent higher than the price recorded 24 hours ago.
As of November 12, 2024, Bitcoin, at $1.757 trillion, surpasses silver’s $1.729 trillion market cap, ranking as the eighth-largest global asset, said Avinash Shekhar, CEO of Pi42.
“Optimism is that Bitcoin can easily go up to $100,000, but after taking profit to a correction of about $75,000 briefly,” Shekhar said.
Bitcoin’s price tracks larger risk assets like equities and will rise if the stock market performs well. Factors boosting Bitcoin include Donald Trump’s 2024 election win and a US Federal Reserve rate cut, said Shekhar.
According to CoinSwitch Markets Desk, “The crypto market has reached a historic milestone, surpassing a total market capitalisation of $3.12 trillion, edging closer to the size of France’s GDP. Meanwhile, crypto equities followed suit, with stocks like Coinbase and MicroStrategy posting impressive gains of 20-30 per cent. MicroStrategy, in particular, saw a 25 per cent rally, closing at a new all-time high of $340.”
The surge follows the company’s acquisition of an additional 27,200 BTC, bringing its total holdings to 279,420 BTC, worth around $24.5 billion. Bitcoin’s dominance is rising, and with the market’s Fear & Greed Index at “Extreme Greed,” caution is advised. Given the current market euphoria, traders may want to avoid taking on excessive leverage, as volatile corrections can follow such rapid upward moves, it added.
