Bitcoin overtakes Saudi Aramco by market as price hits $93k

Bitcoin overtook oil giant Saudi Aramco in terms of market capitalization after the cryptocurrency surpassed $92,000 on November 13.

While Bitcoin (BTC) reached $93,000, its market value reached $1.83 trillion. This milestone puts BTC above the Saudi Arabian oil giant, which has a market value of $1.79 trillion at the time of writing, according to CompaniesMarketCap data.

With the bullish sentiment of the crypto market present, Bitcoin’s market cap could target Alphabet/Google’s $2.2 trillion market cap. Since Donald Trump’s victory as the next US president, the rise of the digital asset has surpassed major companies such as Berkshire Hathaway, Tesla, Meta Platforms and Silver.

Silver is the latest asset to surpass Bitcoin in value. Silver currently ranks as the ninth largest asset in terms of market cap, at $1.73 trillion.

Bitcoin bulls at work

BTC has cemented its status as the world’s most popular and largest cryptocurrency thanks to a spectacular 25% increase last week. Bitcoin, which traded just below $69,000 on November 5, reached new highs one after another amid the euphoria over Trump’s victory.

On November 13, the flagship cryptocurrency broke above $93,477, leading analysts to predict a potential rally to $100,000. In particular, the election of Trump and the possibility of a pro-crypto stance suggests that this may be just the beginning for the bulls.

Further fueling this sentiment is demand in the spot bitcoin ETF market, where BlackRock’s IBIT has seen unprecedented inflows and volume.