The post Bitcoin Flips Silver As The 8th Most Valued Global Asset appeared on BitcoinEthereumNews.com.

Bitcoin keeps setting new highs following the US elections and central bank’s rate cuts. Bitcoin could keep rising as the asset get bid across the world. Bitcoin is now bigger than silver in terms of market value. According to data from Companies Market Cap, the flagship cryptocurrency has reached $1.745 trillion in market capitalization, taking over silver as the world’s 8th largest asset. The Rally Won’t Quit! The achievement comes less than a week after Bitcoin surpassed Meta’s market cap to become the 9th most valued global asset. At time of reporting, Meta’s market value was around $1.472 trillion while silver’s was $1.725 trillion. Bulls have dominated the Bitcoin market since Donald Trump won the 2024 presidential election and the Federal Reserve made a second interest rate cut this year. Over the last seven days, Bitcoin has surged over 9% to above $88,400, CoinGecko data shows. The world’s largest cryptocurrency now ranks behind only a few major assets, including gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco. Gold remains the most valued global asset with $17.6 trillion in market value. Gold, a traditional store of value, still holds a much larger market cap than Bitcoin. However, given Bitcoin’s relatively short history, its substantial market cap suggests it has a lot of room for growth. The Kobeissi Letter suggests that Bitcoin could continue to climb the rankings. “The fact that gold is still 10 TIMES larger than Bitcoin is incredible. Not only does this show how big gold is, but it also shows how big Bitcoin can be,” said the well-known commentary. Bitcoin ETFs On Track To Flip Gold ETFs As Bitcoin moves higher, US spot Bitcoin ETFs have seen an uptick in both inflows and trading volumes. Eric Balchunas, a senior ETF analyst at Bloomberg, estimates that these funds…

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Filed under: News - @ November 13, 2024 10:25 am