The world's largest cryptocurrency surged to $89,000 this morning, surpassing silver in market capitalization.
A week after the US presidential election, the price of Bitcoin (BTC) shows no signs of slowing down. At around 9:45 p.m. yesterday (9:45 a.m. local time), the digital currency surpassed $82,000 per unit and went straight to $84,000 in just one hour. After that, BTC continuously set new milestones during the night.
At around 6:15 a.m. today, the world's largest cryptocurrency surpassed $89,250 per coin, up more than 11% in 24 hours. Market capitalization recorded more than $1,770 billion.
This makes Bitcoin surpass silver to become the 8th largest asset in the world. It is only behind Yellow and leading technology companies such as NVIDIA, Apple, Microsoft, Alphabet, Amazon or oil giant Saudi Aramco. The most recent time BTC's market capitalization surpassed silver was earlier this year, fueled by positive sentiment around funds. ETF immediate delivery
Other tokens followed suit in the market. Ether rose more than 5% to $3,350. Similar gains were seen in Solana, XRP, and Shiba Inu. Meanwhile, Dogecoin continued to accumulate at a double-digit pace.
Shares of companies with large BTC holdings also surged. MicroStrategy, a Nasdaq-listed software company with the largest corporate BTC holdings, rose 25%, closing on November 11 at an all-time high of $340, surpassing the record set during the dotcom bubble. The company also bought another 27,200 BTC, bringing its total holdings to 279,420 Bitcoin, worth about $24.5 billion at current prices.
Cryptocurrency boom since his victory Donald Trump, has investors anticipating a more friendly approach to digital assets during his presidency. Bitcoin has gained 27% in a week, while many altcoins have doubled or tripled.
Donald Trump’s victory also brought a lot of strong momentum to the market. According to statistics from one of the world’s most popular derivatives exchanges, Deribit, there are more than 2.8 billion USD in capital betting on Bitcoin surpassing 90,000 USD, i.e. placing call options. This creates a very positive crowd psychology base, spreading throughout the market.
However, Deribit also noted that call options were only placed in the $90,000-$100,000 range. Beyond $100,000, most investors placed put options. This means that BTC's bullish momentum may not last too long.
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