Bitcoin just pulled an iconic “I’ll be back” on Silver, kicking the precious metal down to become the eighth largest asset by market cap—again. As of Tuesday morning, November 12, 2024, Bitcoin was trading around $86,900, giving it a total market value of about $1.72 trillion. That's enough to edge past silver, which has a market cap of $1.71 trillion.
This latest milestone is proudly sponsored by Donald Trump's victory in the presidential election last week. In the last seven days alone, Bitcoin's price has gone through the roof, rising by about 30%.
It seems everyone’s betting that Trump's return to the White House will be good news for cryptocurrencies.
While running for office, Trump has been surprisingly pro-Bitcoin. He's been promoting Bitcoin as a symbol of financial freedom and an alternative to traditional banking. Trump went so far as to call himself "pro-crypto" and start taking donations in different cryptocurrencies. Let’s not talk about all the ‘alleged’ tokens linked to him and his sons.
At a Bitcoin conference in July, Trump promised to make the U.S. a leader in the crypto revolution. He talked about creating a national Bitcoin reserve and forming a "Bitcoin and crypto presidential advisory council." Trump claimed this council would be staffed by "people who love your industry, not hate your industry."
Donald Trump says he will create a Bitcoin and Crypto Presidential Advisory Council and order the Treasury Department to cease and desist from taking steps to create a Central Bank Digital Currency:
— ALX 🇺🇸 (@alx) July 27, 2024
“There will never be a CBDC while I’m President of the United States” pic.twitter.com/wiXl7l3eYa
Before we give Trump all the glory for pushing Bitcoin to surpass silver, other things also contributed. For instance, a lot of money has been pouring into new Bitcoin ETFs. These exchange-traded funds allow investors to get exposure to Bitcoin through traditional stock market accounts.
Yesterday alone, U.S. Bitcoin ETFs saw inflows of $1.1 billion. BlackRock, the world's largest asset manager, led the pack with $756.5 million, followed by Fidelity's Bitcoin fund at $135.1 million.
Good morning,
— WhalePanda (@WhalePanda) November 12, 2024
Yesterday's Bitcoin ETF flows were positive for $1,114.1 million.
Blackrock did $756.5 million, Fidelity $135.1 million, Ark $108.6 million and Bitwise $42.7 million.
Price went from $76k to $82k over the weekend and then pushed it to $89k. I expected a retrace… pic.twitter.com/bJZlrabW5P
With its new $1.72 trillion market cap, Bitcoin has leapfrogged some seriously big names in the corporate world. It's now worth more than Meta (formerly Facebook), Tesla, and even Warren Buffett's Berkshire Hathaway.
To put this in perspective, here's a quick rundown of where Bitcoin stands compared to some other major assets:
- Bitcoin: $1.72 trillion
- Silver: $1.71 trillion
- Meta: $1.47 trillion
- Tesla: $1.12 trillion
With Bitcoin knocking on the door of $90,000, there’s talk about the possibility of it hitting $100,000 before the end of the year. That milestone, which seemed almost unthinkable not too long ago, now looks like it could be within reach. Even the odds of Bitcoin reaching $100K have gone up 50% on Polymarket.
Odds Bitcoin hits $100k this year just shot up to 53%. pic.twitter.com/rPKVBCI8mg
— Polymarket (@Polymarket) November 11, 2024
Some crypto enthusiasts are even setting their sights on bigger targets. The fact that gold's market cap is still about 10 times larger than Bitcoin's has some people excited about Bitcoin's potential for further growth.
Bitcoin's rally isn't just affecting Bitcoin itself. The entire cryptocurrency market has been riding the bullish wave. Ethereum, the second-largest cryptocurrency, was trading above $3,000 as of Tuesday morning. Dogecoin, the meme-inspired crypto favored by Elon Musk, surged 30% in just 24 hours.
Overall, the global cryptocurrency market is now valued at a whopping $2.91 trillion. That's up about 4% in a single day, according to data from CoinMarketCap.
Richard Adrian
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