tl;dr
Bitcoin (BTC) has surged past initial resistance levels to reach new all-time highs, making it the world’s seventh-largest asset by market capitalization, and now competes with major companies like Apple, Microsoft, Nvidia, and Google. The cryptocurrency's market capitalization has exceeded $1.8 tri...
Bitcoin (BTC) has surged past initial resistance levels to reach new all-time highs, making it the world’s seventh-largest asset by market capitalization, and now competes with major companies like Apple, Microsoft, Nvidia, and Google. The cryptocurrency's market capitalization has exceeded $1.8 trillion, surpassing Silver and Saudi Aramco.
Analysts believe that Bitcoin ETFs may soon surpass gold ETFs in terms of assets under management, possibly within the next couple of months, reflecting the significant growth experienced by Bitcoin in the market.
During the sell-off before the United States presidential election, BTC fell to $66,880. After Donald Trump’s victory, the digital asset rallied 39.5% through the $90,000 psychological level to an all-time high of $93,477 (CoinGecko). Bitfinex said this surge drove bitcoin’s market capitalization to over $1.8 trillion for the first time in history, enabling the cryptocurrency to flip silver on the list of the world’s largest traded assets for the second time.
With bitcoin surpassing silver in the world’s largest traded assets list, Bitfinex believes gold exchange-traded funds (ETFs) may be the next victim. By November 19, the United States spot Bitcoin ETF market held more than $84 billion in assets under management (AUM), representing roughly 66% of gold ETFs’ AUM. The current average daily inflows into the Bitcoin ETFs suggest that they could surpass the AUM of gold ETFs within the next couple of months. Market experts previously predicted that it could take two to five years for Bitcoin ETFs to flip gold ETFs; however, the level of growth experienced by the former indicates that the feat is no longer far-fetched.