Bitcoin overtakes silver to become world’s eighth largest asset

Bitcoin has overtaken silver to become the world’s eighth largest asset. Bitcoin’s market capitalization has reached $1.752 trillion, surpassing silver’s market capitalization of $1.726 trillion. In the last 24 hours the cryptocurrency increased by nine percent to $88,570.

Bitcoin has reached close to the $90,000 level. The cryptocurrency reached an all-time high of $89,623 on November 11. Many investors hope that it will reach the level of one lakh dollars by the end of this year. This has been boosted by the victory of Donald Trump as President of the United States and optimism about a crypto-friendly US government. Apart from silver, Bitcoin’s market cap is also higher than that of Meta Platform, Tesla, Warren Buffett’s Berkshire Hathaway. The market capitalization of these three major platforms is US$ 1,472 trillion, US$ 1.123 trillion, US$ 1.007 trillion respectively.

Meanwhile, gold has retained the top position in the list. Gold remained the dominant asset. Its market capital is 17.6 trillion dollars. The top five include Nvidia, Apple, Microsoft and Alphabet (Google). Experts say that Donald Trump’s victory in the US presidential election and hopes of a crypto-friendly government have led to the surge in cryptocurrencies. According to the report, Trump wants crypto supporters including Mark Ueda and Paul Atkins to become SEC chairmen. So that regulatory investigation against industries can become easier. Gary Gensler is currently the Chairman of the SEC. Bitcoin has performed very well since the US election. Which has reached $89,604. And from November 5 till now it has increased by about 30 percent. MicroStrategy Inc. Acquired 27,200 Bitcoins for $2.03 billion. So the power of Bitcoin got further strengthened. MicroStrategy Inc. launched its Bitcoin strategy four years ago. This was the biggest purchase of Bitcoin since then. The software company, known for its significant Bitcoin investments, acquired Bitcoin between October 31 and November 10. This purchase was the company’s biggest purchase since December 2020. The company added 29,646 bitcoins to its holdings.