Bitcoin has reached a new milestone, overtaking silver to become the world’s eighth-largest asset. The cryptocurrency now boasts a market capitalization of $1.75 trillion, slightly ahead of silver, which sits at $1.72 trillion. This achievement comes on the heels of Bitcoin’s rapid 9% increase to $89,000 in just 24 hours, fueled by optimism surrounding Donald Trump’s election win and the expectation of a more crypto-friendly U.S. administration.
Bitcoin Overtakes Major Companies in Market Cap
In addition to surpassing silver, Bitcoin’s impressive market cap now exceeds that of several corporate giants, including:
- Meta Platforms at $1.472 trillion
- Tesla at $1.123 trillion
- Berkshire Hathaway, led by Warren Buffett, at $1.007 trillion
This makes Bitcoin one of the only non-corporate assets to rank within the top ten, where it joins global leaders like gold, which retains its dominant position with a $17.6 trillion market cap. Other top-five contenders include Nvidia, Apple, Microsoft, and Alphabet (Google).
Growing Optimism for a Crypto-Friendly U.S. Government
The recent election has fueled speculation about reduced regulatory pressures on cryptocurrency. Reports suggest that Donald Trump’s administration could bring in pro-crypto figures, such as Mark Uyeda and Paul Atkins, to replace SEC Chairman Gary Gensler. These potential changes could lead to a more relaxed regulatory environment for crypto, encouraging further investment and growth in the sector.
MicroStrategy’s Record Bitcoin Purchase Boosts Market Confidence
Adding to Bitcoin’s momentum, MicroStrategy Inc., known for its substantial Bitcoin holdings, recently acquired 27,200 Bitcoin valued at $2.03 billion. This marks the company’s largest purchase since December 2020, when it added 29,646 tokens to its portfolio. The software company purchased these assets between October 31 and November 10, underscoring its commitment to Bitcoin as a long-term strategy.
Bitcoin on Track for $100,000 Milestone
Bitcoin’s surge puts it just $11,000 short of the much-anticipated $100,000 mark, a goal many investors are watching closely. Alankar Saxena, Co-founder of the investment platform Mudrex, noted that Bitcoin currently holds strong support around $75,600. “If Bitcoin maintains this momentum, it’s well-positioned for another jump to $90,000, with a real shot at reaching $100,000 by year-end,” Saxena commented.
With a combination of regulatory optimism, strong institutional support, and market momentum, Bitcoin appears poised to continue its record-breaking ascent, keeping investors hopeful for even greater gains in the near future.
