After a 30% increase in the last week, Bitcoin surpassed Silver and Meta platforms to become the eighth-largest asset in the world in terms of worth.
Source: FXEmpire
Key Points:
- If Bitcoin’s surge continues, analysts believe it may eventually pose a threat to Saudi Aramco’s position.
- With Donald Trump’s triumph and the Fed lowering interest rates, Bitcoin is headed for $100K before the end of the year.
- According to experts, Bitcoin may surpass $200,000 in the upcoming year.
- The recent price rise is being attributed to Donald Trump’s election victory.
The price of bitcoin reached $89,560 during early Asian trading hours, marking a new milestone. As a result, with a market worth of $1.736 trillion, Bitcoin has overtaken silver. It is now the eighth-largest asset in the world. This accomplishment is noteworthy since, on the same day that silver declined 2%, this cryptocurrency token gained 10%.
The only companies that are the world leaders after this are Gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco. Experts expect Bitcoin may surpass Saudi Aramco, the biggest oil business in the world, if this upward trend continues past the $90,000 level soon.
Bitcoin Reaches New Record Highs, Overtaking Silver
Because of its recent surge, Bitcoin is now worth $1.75 trillion, surpassing silver as the eighth-largest asset class. While the price of silver has increased 44% since the start of 2024, Bitcoin doubled in value, increasing by 101% annually to reach over $89,000.
Potential to Overtake Saudi Aramco
Source: Reuters
Bitcoin may surpass Saudi Aramco with just a 3% price gain, per Companies market cap data. According to analysts, Bitcoin might hit $200,000 in the upcoming year. Next year, Bitcoin is expected to be worth more than industry titans like Amazon, Alphabet, and Microsoft. However, given that gold’s market value is currently roughly ten times that of Bitcoin, Bitcoin still has a long way to go.
Making Use of Bitcoin as a Reserve Currency
Experts predict that the Trump administration will bring about significant changes to cryptocurrency legislation. “At the moment, there is a favorable regulatory environment for crypto, acting as a tailwind for Bitcoin,” said Matt Hougan, chief investment officer of Bitwise Asset Management. There is growing support for the idea that Bitcoin should be recognized as a reserve asset in the United States. Critics counter that this action would devalue the US dollar.
Trump’s policies are primarily to blame for the recent spike in the price of Bitcoin and the growth of altcoins.
Source: Forbes
