Bitcoin Flips Silver to Become Eighth-Biggest Asset by Market Cap
Bitcoin overtook Silver to become the eighth-largest asset on Monday after its market capitalization exceeded the $1.75 trillion mark. The coin achieved the milestone after breaking above $89,000 for the first time since its inception.
BTC has performed exceptionally well in the past day thanks to growing institutional demand in Bitcoin spot exchange-traded funds, which recorded $6.1 billion in trading volume on Monday, according to CoinGlass’ data.
It is important to point out that this isn’t the first time Bitcoin has overthrown Silver. In March this year, Infinite Market Cap data showed that BTC had flipped Silver after attaining a market valuation of $1.4 trillion. At the time, the number one digital asset had crossed its previous all-time high of $69,026 and peaked at $73,776.
Silver Loses 6.28% of Its Value as Bitcoin Rallies
As Bitcoin continues to gain bullish momentum, Silver, on the other hand, is struggling to attract investors. Per data from Infinite Market Cap, Silver, now in ninth place, has seen its value decline by 6.28% in the last seven days, while Bitcoin has surged 31% over the same timeframe.
Given that Silver has been historically considered a stable store of value, the latest trend suggests a growing risk appetite among traditional investors, who are now exploring risky assets like Bitcoin.
Why Investors Are focusing on Bitcoin
But what’s causing investors to shift toward riskier investments? Several analysts argue that Donald Trump’s victory against Democrat candidate Kamala Harris has boosted sentiment around Bitcoin and other cryptocurrencies.
During his campaign, Trump promised to establish a clear and friendly crypto regulatory framework. And with pro-crypto policymakers being the majority in both the Senate and House, investors are optimistic that clear crypto rules will be introduced next year.
Bitcoin to Flip Saudi Aramco in 2025, Analysts Claim
Meanwhile, Bitcoin is now behind only seven assets. Gold leads with a market cap of $14.7 trillion, followed by top tech companies Nvidia, Microsoft, Apple, Amazon and Alphabet. Petroleum and natural gas company Saudi Aramco comes in seventh. Authors of The Kobessi Letter, a top financial newsletter, believe that Bitcoin could flip Saudi Aramco earlier next year and become the second-largest asset within five years.
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