Bitcoin’s market capitalization has surpassed that of silver, making it one of the top market caps in the world. The digital asset rallied close to the $90,000 mark today, resulting in a surge in its market cap and extending its dominance over other altcoins. Currently, Bitcoin’s market capitalization stands at $1.77 trillion, slightly higher than silver’s market cap of $1.7 trillion. This development places Bitcoin just behind Saudi Aramco, which has a market cap of $1.8 trillion, on the list of the top 10 market caps globally.
Previously, Bitcoin had also surpassed Meta, founded by Mark Zuckerberg, whose market capitalization is around $1.4 trillion. This solidifies Bitcoin’s position as a significant asset worldwide. Bitcoin’s recent rally follows the U.S. election week, during which Donald Trump, a candidate perceived as pro-crypto, was declared the winner.
Since then, Bitcoin has shattered its previous all-time high from several months ago, now just $1,000 away from reaching $90,000. Beyond the impact of Trump’s election win, several other factors contribute to Bitcoin’s bullish rally. One significant factor is the $1.1 billion net inflow into U.S.-based spot Bitcoin exchange-traded funds on Monday, November 11.
Additionally, data from Into the Block indicates that Bitcoin whale transactions have surged, surpassing the $100 billion mark yesterday. These large whale transactions often generate a fear of missing out (FOMO) among retail investors, leading to increased inflows and a rise in Bitcoin’s price. Polymarket, the largest prediction market in the industry, is already offering odds on the likelihood of Bitcoin reaching $90,000, $95,000, and $100,000. A Polymarket poll with a volume of $238,000 indicates a 40% chance of Bitcoin surpassing $100,000.
Another poll, which has accumulated a betting volume of $3.6 million, suggests an 80% chance of Bitcoin reaching $90,000. The odds of Bitcoin hitting $95,000 and $105,000 are currently at 57% and 20%, respectively. Bitcoin’s price rally is also affecting altcoins, with Ethereum—the largest altcoin—currently trading at $3,270, up by 2.8% in the last 24 hours.
As of now, Bitcoin is trading at $87,178, marking a significant 5.9% increase in the last 24 hours. The total market capitalization of all cryptocurrencies has cooled down to $3.08 trillion, with Bitcoin’s market cap extending its dominance over other altcoins by over 55%.