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Bitcoin is now ahead of silver in terms of market capitalisation, with Bitcoin at $1.757 trillion, while silver $1.729 trillion.
Bitcoin reached a historic $1.75 trillion market capitalisation.
Bitcoin At Record High: Bitcoin on Tuesday climbed close to $90,000, amid continued rally in the cryptocurrency market on the euphoria since the election of Donald Trump as US president on expectations that his administration will be crypto-friendly. With a market capitalisation of $1.75 trillion, the world’s biggest cryptocurrency has surpassed silver’s market capitalisation of $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 10:38 am, the crypto was trading at $88,788.14.
“As on November 12, 2024, Bitcoin is ahead of silver in terms of market capitalisation, with Bitcoin at $1.757 trillion, while silver $1.729 trillion. As a result, Bitcoin is the eighth biggest asset in the world by market capitalisation,” said Avinash Shekhar, co-founder and CEO of Pi42.
He added that the surge in the crypto’s movement may be because the investors are optimistic, as can be gauged from the recent increasing volumes of trades in the trading of ETF.
“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.
Meanwhile, Dogecoin, which has been widely supported by Donald Trump’s biggest supporter Elon Musk in the past, on Tuesday also surged 12 per cent to $0.39.
The price movement of Bitcoin is still in line with larger risk assets, such as equities, and will continue to soar if the stock market continues to perform well. Other reasons behind the growth of the price of Bitcoin include a Donald Trump victory in the 2024 US presidential election and a US Federal Reserve rate cut, Shekhar said.
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.”
This surge comes as the company announced it had acquired an additional 27,200 BTC, bringing its total holdings to 279,420 BTC, valued at roughly $24.5 billion.The Bitcoin’s dominance is increasing and the market’s Fear & Greed Index sitting 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.
