Bitcoin Goes Mainstream, Becomes World’s 7th Largest Asset By Market Cap (Bitfinex)

Bitcoin (BTC)’s surge past initial resistance levels to new all-time highs last week made the cryptocurrency the world’s seventh-largest asset by market capitalization, a sign that it has become in current

According to a Bitfinex report, BTC is now competing with Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA), Google (GOOG), Amazon (AMZN), and Gold (GOLD). The rise took the cryptocurrency past Silver (SILVER), which is currently ranked ninth, and Saudi Aramco, which is ranked eighth.

BTC becomes the eighth largest asset

During the sell-off ahead of the US presidential election, BTC fell to $66,880. After Donald Trump’s victory, the digital asset surged 39.5% through the psychological level of $90,000 to an all-time high of $93,477 (CoinGecko).

Bitfinex said the surge pushed bitcoin’s market capitalization past $1.8 trillion for the first time in history, allowing the cryptocurrency to topple silver on the list of the world’s largest traded assets. world for the second time. Analysts also found that the rally is bitcoin’s biggest nine-day price increase since January 2021 and possibly marks one of the biggest inflows into any asset in history.

“Given that bitcoin’s market cap in January 2021 was only $450 billion, it takes a lot more capital today to make this price change. We believe this recent move likely represents the largest volume of capital flowing to Bitcoin in such a short time,” Bitfinex said.

Bitcoin ETFs to Gold ETFs Flip

With bitcoin overtaking silver on the world’s largest list of traded assets, Bitfinex believes gold exchange-traded funds (ETFs) may be the next victim.

As of November 19, the US domestic Bitcoin ETF market had more than $84 billion in assets under management (AUM), representing approximately 66% of the AUM of gold ETFs. Current average daily flows into Bitcoin ETFs suggest that they could surpass the AUM of gold ETFs in the next couple of months.

Market experts previously predicted that Bitcoin ETFs could take two to five years to topple gold ETFs; however, the level of growth experienced by the former indicates that the feat is no longer far-fetched.

Interestingly, the AUM of BlackRock’s iShares Bitcoin ETF (IBIT) has already surpassed the company’s iShares Gold ETF (IAU), the world’s second largest gold ETF. It took IAU 20 years to achieve this feat, but IBIT crushed the milestone in just 10 months.

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