Bitcoin Shocks the World: Now Bigger Than Silver and Tesla in Market Cap

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.
  

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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).

Bitcoin on the day of this storysnapshot 12 Nov 2024

Day open

$88,648

00:00 UTC

Past 7 days

+30.7%

from $67,850

Since the open

−22.6%

$68,618 · 13 Nov, 16:50 UTC

Record close

0.0%

$88,648 · Nov 2024

Data: Binance, CoinGeckoLive Bitcoin price →

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.