Bitcoin Flips Silver to Become World's Eighth-Largest Asset as Election Rally Extends

Silver is down 6.24% over the last week, taking the market cap to $1.732 trillion, while Bitcoin has seen a growth of about 30% in the same period.

Bitcoin price performance over the last few weeks has seen the crypto asset attain new all-time highs and begin to outpace traditional assets in terms of market capitalization.

After overtaking payments giant Paypal last week, Bitcoin breached silver’s market cap Monday evening to attain eighth place in the world’s top ten largest assets.

This occurred as BTC price rallied to breach $89,000 to reach a new all-time high of $89,560, before dropping back below those levels.

According to data from CoinGecko, Bitcoin is up 6.24% over the last week, while silver has dropped 6.24% in the same period, taking its market cap to $1.732 trillion.

Meanwhile, Bitcoin breached silver's market cap to attain eighth place in the world’s top ten largest assets.

This marks the second time this year that Bitcoin has flipped silver, following its March lead in supplanting the commodity, according to Infinite Market Cap data.

After a period of relative calm in H1 2024, Bitcoin price began to rally again in October, following a shift in investor sentiment over the more recent political developments that have occurred following Donald Trump’s declaration of victory in the U.S. elections.

Those shifts signaled opportunity and optimism in the markets, waiting for probable regulatory support, particularly from pro-crypto lawmakers taking power.

Together with the prospect of upcoming regulatory shifts, the rally in Bitcoin has also seen the crypto asset serve as an anchor for adjacent indexes, as investors scour the markets for alternative investment vehicles for high beta plays that are less risky than the traditional assets.

The broader “Bitcoin Industrial Complex” index, which encompasses U.S.-listed spot Bitcoin ETFs, MicroStrategy, and Coinbase, recorded a not-so-record $38 billion in trading volume, according to a post on X from Bloomberg senior ETF analyst Eric Balchunas.

The Bitcoin Industrial Complex (ETFs MSTR, COIN) saw $38b in trading volume today, lifetime records being set all over the place, incl $IBIT which did $4.5b, which points to a robust week of inflows. Just an insane day, it really deserves a name a la Volmageddon pic.twitter.com/rcOLs0MhNF

— Eric Balchunas (@EricBalchunas) November 11, 2024

While the trading session saw Coinbase stock close at $334.24 for a 3-year high, MicroStrategy stock also broke an all-time high above $351, a first in nearly 25 years.

Meanwhile, Bitcoin is now ranked only seventh among all the assets of the world, trailing behind gold with a market cap of $14.7 trillion, tech giants NVIDIA, Apple, Microsoft, Alphabet, and Amazon.

Saudi Aramco, the national petroleum and natural gas company, still occupies the seventh rank with a size of $1.8 trillion. This plays an influence on BTC price forecast.

Despite gold being still over 10 times bigger than Bitcoin in market capitalization, the story of scarcity keeps on drawing in investors looking for a hedge against uncertainty in the traditional market.

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.

The historic run continues.

Follow us @KobeissiLetter for real time analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) November 11, 2024

“The fact that gold is still 10 times larger than Bitcoin is incredible,” said the authors of the financial newsletter The Kobeissi Letter in a Monday post on X. “Not only does this show how big gold is, but it also shows how big Bitcoin can be.”

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