Unstoppable price rise Bitcoin, which began the day after the US presidential elections, has a domino effect on the economy. There has been a huge boost in value recently, with Bitcoin surpassing 89,000 today. dollars, which means an boost of 27% compared to the previous week. This is followed by record inflows into Bitcoin ETFs, causing the funds to break some records. This price action also reshaped the list of the world’s largest assets by market capitalization.

#Bitcoin throws silver! Currently the 8th largest asset in terms of market capitalization.🚀 pic.twitter.com/RAPCJd5gd2

— MEXC (@MEXC_Official) November 12, 2024

Based on the updated list of top assets, Bitcoin currently ranks 8th on the list “Top 10 assets by market capitalization”with a total market value of $1.756 trillion, slightly surpassing silver’s $1.736 trillion. This is the second time that the digital asset has overtaken silver in the rankings, driven by bullish sentiment towards Bitcoin ETFs and blockchain in general.

Bitcoin’s breakout into the world’s top assets is a testament to the growing public acceptance of the crypto asset and its role as an alternative to established assets such as gold.

Bitcoin’s market value increases when the price exceeds 89,000. dollars

Bitcoin continues its surprising rally this week, testing another all-time high of 89,000. dollars. On Tuesday, November 12, the value of the digital asset rose to over $89,000, reflecting an boost of 11.3%, while the price of silver fell by 2%, allowing Bitcoin to take the 8th place on the list.

With this latest price action, Bitcoin now trails Saudi Aramco in 7th place. Amazon, Google, Microsoft, Apple, Nvidia and gold round out the top ten. Gold remains the world’s largest asset, with a market capitalization valued at $17.667 trillion, surpassing Nvidia and Apple by approximately $3 trillion each.

BTC registers a recent ATH. Source: Bitstamp

A milestone worth celebrating

According to The Kobessi Letter, Bitcoin’s current market value and recent price movements reflect the potential of this digital asset. The comment further commented that the value of gold being 10 times greater than BTC is amazing. But he also sees the potential of the most essential digital asset to grow even further.

BTCUSD trading at $87,604 on the daily chart: TradingView.com

Bitcoin’s price has been rising steadily lately, thanks in part to Trump’s convincing election victory. Trump has a amiable approach to the cryptocurrency community. With Republicans taking over both houses in the final vote, it will be easier for the recent president to pursue his cryptocurrency-friendly policies.

Vast volumes and bullish sentiment among institutional investors

In addition to the “Trump effect”, Bitcoin is also benefiting from the bullish sentiment of institutional investors. Many financial institutions are integrating BTC and cryptocurrencies into their wallets, driving up the prices of digital assets. For example, Bloomberg Senior Analyst Eric Balchunas has reported solid growth in Bitcoin ETF trading volume, with the iShares Bitcoin Trust (IBIT) reporting $4.5 billion in trading volume yesterday.

MicroStrategy is another company that is profiting from the Bitcoin rush. Michael Saylor’s MicroStrategy has the largest Bitcoin portfolio, with shares currently trading at $340. On Monday, the company announced that it had purchased 27,200 BTC, bringing its total to 279,420.

Featured image from Siam Bitcoin, chart from TradingView