With a staggering 30% gain over the past week, Bitcoin is smashing records hitting a $1.75 trillion market cap and overtaking Silver as the eighth-largest global asset. Within a week’s time, BTC has added over $400 billion to its market cap in its run-up to $100K levels. If the BTC price hits a new all-time high above $90K soon, it will overtake the world’s largest oil giant Saudi Aramco.
Bitcoin Overtakes Silver With New Record Highs
With its rally over the past week, Bitcoin has overtaken silver as the eighth-largest asset class with a valuation of $1.75 trillion. This is despite the Silver price being up 44% since the beginning of 2024. However, BTC grabs the limelight extending its year-to-date gains to 101% amid the recent rally to $89,000.
Also, the below chart from Companiesmarketcap shows that Bitcoin can soon overtake the world’s largest oil giant Saudi Aramco with just another 3% surge from the current levels.
With analysts like Peter Brandt expecting the Bitcoin price rally to $200K by the next year, it can overtake even giants like Amazon (AMZN), Alphabet (GOOGL), and Microsoft (MSFT) on its way. However, the journey to overtaking Gold is still long as the yellow metal is 10x the size of BTC as of date.
Following Donald Trump’s victory last week, the BTC price has been on an unstoppable rally with strong inflows into spot Bitcoin ETFs. Many market analysts believe that this rally will continue to $100K levels by the year-end. Mike Colonnese, an analyst at H.C. Wainwright said:
“Strong positive sentiment is likely to persist through the balance of 2024 and [we] see bitcoin prices potentially reaching the six-figure mark by the end of this year.”
The recent BTC price rally and altcoin rally have largely been part of the Trump trade as the crypto industry looks forward to the new policy developments. Calls for keeping Bitcoin as a reserve asset of the US have also been on the rise following the Trump victory.
BTC As a Reserve Asset?
Analysts predict a major regulatory shift in the Trump administration’s crypto policies. Speaking to CNBC, Matt Hougan, chief investment officer of Bitwise Asset Management said:
“We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market … that’s going to push us higher.”
While the calls of having BTC as a reserve asset have grown, Bitcoin critic Peter Schiff has warned that this move could probably lead to the collapse of the US Dollar.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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