Bitcoin (BTC) Surpasses Silver in Market Cap, Reaching New All-Time High
Alvin Lang Nov 20, 2024 13:28
Bitcoin's market cap has surpassed silver's, reaching a new all-time high of $93,318, as reported by Bitfinex Alpha. This surge marks a 39.5% increase in just nine days.
Bitcoin (BTC) has experienced an extraordinary surge, reaching a new all-time high of $93,318, according to Bitfinex Alpha. This milestone elevates Bitcoin's market capitalization to a staggering $1.8 trillion, surpassing that of silver and establishing it as the eighth largest asset globally.
Record-Breaking Growth
In a remarkable nine-day period, Bitcoin's price soared by 39.5%, marking the fastest growth since January 2021. This rapid influx of capital is one of the largest short-term investments in any asset class historically, raising questions about Bitcoin's potential to become a national asset.
Spot Bitcoin ETFs Thrive
The success of spot Bitcoin ETFs in the United States has been notable, with $84 billion in assets under management. This figure represents 66% of the total assets of gold ETFs, suggesting a significant institutional shift towards Bitcoin investment. The rapid rise of Bitcoin ETFs is prompting speculation about continued bullish trends in Bitcoin's future.
Market Dynamics and Economic Indicators
Despite positive news, the market witnessed a slight cooling as investors saw a net outflow of approximately $640 million during the last two trading days of the week. Nonetheless, Bitcoin's current growth trajectory suggests it will continue to dominate the financial markets.
The U.S. economy remains resilient but faces new challenges, particularly inflation. October saw a rise in inflation due to increased housing costs and used car prices. The labor market remains stable, with low layoff rates and rising wages supporting consumer spending. Yet, new fiscal policies may increase inflationary pressures, posing challenges for the Federal Reserve in adjusting interest rates.
Regulatory and Market Developments
In regulatory news, SEC Chairman Gary Gensler may soon leave his position. Meanwhile, Robinhood has expanded its cryptocurrency offerings to include Solana, Cardano, Ripple, and Pepe. Additionally, a proposal for a national Bitcoin reserve in the U.S. is gaining significant attention, indicating the ongoing evolution of the cryptocurrency market and its adaptability to market demands.
For a detailed analysis, please refer to the original report by Bitfinex Alpha.
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