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.
This makes it a comparative assessment with silver, which was considered a better safe haven. The transformation in the perception of Bitcoin from a speculative asset in the mind of traditional investors to that embraced by Wall Street is apparent in this comparison.
The rally reflects 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.
Bitcoin’s market capitalization overtook silver Monday evening to $1.75 trillion in securing its position as the world’s eighth-largest asset.
That’s when Bitcoin breached $89,000, topping out at $89,560, before dropping back below those levels, according to data from CoinGecko. The asset has risen more than 9% so far in the day after solid institutional demand and continued interest in spot Bitcoin exchange-traded funds over the last few weeks.
It is also the second time this year that Bitcoin has flipped silver, following its March lead in supplanting the commodity, according to Infinite Market Cap data.
Bitcoin’s performance for the week also proved to be an anchor for adjacent indexes as investors looked for alternative investment vehicles for high beta plays that were 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
Coinbase stock closed at $334.24 for the Monday trading session, marking a 3-year high. MicroStrategy’s stock also broke an all-time high above $351, a first in nearly 25 years.
Bitcoin is ranked only seventh among all the assets of the world, behind gold with a market cap of $14.7 trillion, tech giants NVIDIA, Apple, Microsoft, Alphabet, and Amazon. Saudi Aramco, its 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.
Although gold is 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.”
