Bitcoin Surpasses Silver, Becoming the World’s 8th Largest Asset

Highlights:

• Bitcoin’s market cap hits $1.762 trillion, making it the eighth largest asset globally.

• Spot Bitcoin ETFs see record-breaking $7 billion in daily trading volume.

• Institutional interest and ETF inflows drive BTC’s price to new heights.

On November 11, Bitcoin achieved a major milestone, surpassing silver in market capitalization and securing its position as the world’s eighth largest asset. With a market cap of $1.762 trillion, Bitcoin now trails only iconic assets like gold and powerhouse companies such as Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco.

Bitcoin Hits Record Highs

Bitcoin’s price surged above $89,000, marking an impressive daily gain of 11.3%. This upward momentum underscores Bitcoin’s growing acceptance as a substantial asset class. As interest in cryptocurrency expands beyond retail investors, institutional demand continues to fuel Bitcoin’s climb up the ranks.

Spot ETFs Set New Records

A major contributor to Bitcoin’s price rise has been the influx of institutional investments through spot Bitcoin ETFs, which launched earlier this year. These ETFs have accumulated close to $27 billion in inflows, reflecting growing confidence from major investors.

Yesterday, BlackRock’s iShares Bitcoin Trust (IBIT) recorded a remarkable trading volume of $4.65 billion, breaking last week’s record and highlighting robust demand for Bitcoin-based financial products. According to analyst Eric Balchunas, Bitcoin-related financial assets, including spot ETFs, Coinbase, and MicroStrategy stocks, reached a cumulative trading volume of $38 billion in a single day—a new all-time high.

MicroStrategy’s Continued BTC Accumulation

MicroStrategy, a leading proponent of corporate Bitcoin holdings, also announced an increase in its investment. The company now holds a total of 279,420 BTC, currently valued at around $24.8 billion. MicroStrategy’s growing Bitcoin portfolio reflects its long-term confidence in the asset, which has bolstered its stock price alongside Bitcoin’s rise.

What’s Next?

With institutional demand showing no signs of slowing, Bitcoin’s ascent could continue as more investors view it as a valuable addition to their portfolios. As Bitcoin solidifies its role alongside traditional assets, all eyes are on whether it can challenge even higher positions among the world’s largest assets.