TL;DR
- Bitcoin’s market cap soared to $1.752 trillion on November 12, 2024, surpassing silver and placing it as the eighth largest asset in the world, ahead of Meta Platforms and Tesla.
- On November 11, Bitcoin recorded its largest daily gain in history, rising over $8,400 in a single day to an all-time high of $87,104, driven by favorable market conditions and Trump’s recent U.S. election victory.
- Institutional participation and ETF inflows have significantly contributed to Bitcoin’s rise, with analysts predicting it could reach $100,000 by the end of 2024.
Bitcoin has once again made headlines by surpassing significant milestones in its market capitalization. On November 12, 2024, Bitcoin’s market cap soared to $1.752 trillion, surpassing that of silver, which stands at $1.726 trillion.
This achievement places Bitcoin as the eighth largest asset in the world, outpacing major companies like Meta Platforms ($1.472 trillion) and Tesla ($1.123 trillion).
Best Daily Gains and Market Optimism
The recent rise in Bitcoin’s value has been truly remarkable. On November 11, Bitcoin recorded its largest daily gain in history, soaring over $8,400 in a single day. This remarkable increase pushed Bitcoin’s price to an all-time high of $87,104, edging closer to the $90,000 mark.
At the time of writing, Bitcoin continues its upward trend towards the $90,000 mark, trading at around $87,600, increasing nearly 7% in the last 24 hours, as per data from CoinMarketCap.
The cryptocurrency’s impressive performance has been fueled by a combination of favorable market conditions, including Donald Trump’s recent U.S. election victory, which has boosted market confidence and optimism for a crypto-friendly administration.
Institutional Participation and ETF Trends
Institutional participation has played a crucial role in Bitcoin’s recent rally. The approval and subsequent inflows into Bitcoin exchange-traded funds (ETFs) have significantly contributed to the cryptocurrency’s parabolic rise.
On November 11, Bitcoin ETFs saw a total of $1.1 billion in net positive inflows, building on a substantial $1.37 billion influx just a few days prior. This influx of capital has driven Bitcoin’s trading volume to new heights, surpassing even major stocks like Berkshire Hathaway.
Impact of Trump’s Election Victory
Trump’s re-election has been a significant catalyst for Bitcoin’s recent surge. The positive sentiment surrounding his victory has led to increased demand for risk-on assets like Bitcoin.
Analysts believe that the incoming administration’s pro-crypto stance and potential regulatory reforms could further propel Bitcoin’s value, with some predicting that Bitcoin could reach $100,000 by the end of 2024.
Bitcoin’s recent achievements have solidified its position as a major player in the global financial market. Surpassing silver and Tesla in market capitalization, Bitcoin continues to break records and attract significant institutional interest.
