- Bitcoin, the largest cryptocurrency by market cap has surged to a market cap of $1.756 trillion, surpassing silver to become the 8th largest global asset.
- Increased institutional interest combined with Pro-crypto Donald Trump’s recent win has played a huge role in Bitcoin’s success.
The year 2008 saw Satoshi Nakamoto publish a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” However, the Bitcoin network wasn’t launched until January 2009. Although many were skeptical about this new asset vehicle, Crypto mainly Bitcoin is making significant strides.
Data from Companies Market Cap reveal that Bitcoin has surpassed Silver with a market cap of 1.756 trillion positioning itself as the eighth largest asset globally. The digital asset up surge marks a step closer to joining the ranks of major corporations and commodities including Gold, Apple, Microsoft, and Saudi Aramco.
This major milestone has boldened BTC’s growing acceptance not just as a cryptocurrency but as a formidable asset class alongside Gold and major corporate companies.
As we have earlier revealed, BTC has gained traction among institutional investors via a new asset vehicle, ETFs, and financial products. Focusing the limelight on Bitcoin ETFs, early this year, saw the U.S. SEC approve the first 11 Bitcoin ETFs.
Fast forward to March, positive sentiment surrounding potential spot Bitcoin ETFs helped bolster Bitcoin’s position in asset rankings, setting the stage for its eventual surpassing of silver.
BTC Surges Past $89,000
On Monday, BTC saw a significant rally, surging almost past $89,000. This juncture also played a part and parcel in Bitcoin’s market cap surpassing Silver which had declined by 2%. Given its current position, The king of crypto is yet to deal with only seven assets including Gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco, cementing its place among the world’s most valuable assets.
The Kobessi Letter, a leading capital markets commentary, highlighted the scale of this milestone, noting that while Bitcoin’s market cap is now massive, gold remains 10 times larger.
Bitcoin’s rise is no fluke, for one, institutional investment has been on the rise, but the most recent factor is Pro-crypto President Donald Trump’s recent win. Market analysts dubbing this current rally a “ Trump Rally” have witnessed a majority of the cryptocurrencies’ record price surges driven by expectations of a friendlier regulatory environment under his administration.
At the time of writing, BTC is swapping hands with $85,311.66 marking a 4.10% and 22.82% surge in the past 24 hours and week respectively. On a broader scale, the digital asset has recorded a 36.79% and 130.09% surge in the past month and year respectively.
Institutional players have also shown increased engagement, with BlackRock’s iShares Bitcoin Trust (IBIT) trading $4.5 billion in volume on Monday alone, according to Bloomberg Senior ETF Analyst Eric Balchunas. Corporate giants like MicroStrategy, known for its aggressive Bitcoin treasury strategy, have further amplified BTC’s recent gains.
The Nasdaq-listed company added 27,200 BTC to its holdings, raising its total to 279,420 BTC, worth approximately $24.5 billion at current prices. The broader “Bitcoin industrial complex” which includes Bitcoin ETFs, MicroStrategy, and Coinbase, reached a record $38 billion in trading volume.
