Bitcoin Surpasses Silver, Becomes 8th Largest Asset

12 Nov 2024 , 03:24 PM

With a market value of $1.752 trillion, Bitcoin overtook silver, which was valued at $1.726 trillion, to become the eighth largest asset globally. Expectations of a more crypto-friendly U.S. administration and elation surrounding Donald Trump’s election victory drove the cryptocurrency’s 9% increase to $88,570 in the last day.

In addition to silver, Bitcoin’s market value surpassed that of well-known corporations like Tesla ($1.123 trillion), Meta Platforms ($1.472 trillion), and even Berkshire Hathaway ($1.007 trillion), which is owned by Warren Buffett.

With a market valuation of $17.6 trillion, gold continues to be the most valuable asset. Nvidia, Apple, Microsoft, and Alphabet (Google) round out the top five.

Expectations of a crypto-friendly administration and elation surrounding Donald Trump’s election victory have propelled the cryptocurrency’s ascent. According to reports, Trump is thinking of replacing SEC Chairman Gary Gensler with pro-crypto activists Paul Atkins and Mark Uyeda, which might lessen regulatory oversight of the sector.

Bitcoin has performed exceptionally well after the election, rising to $89,604 and gaining almost 30% since November 5.

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