Bitcoin nears $90,000, becomes 8th largest asset after surpassing silver: Report

Bitcoin surged to nearly $90,000 over the last 24 hours, mostly driven by optimism about Donald Trump’s election win leading to crypto-friendly US government policies, according to a Reuters report.

This resulted in it surpassing silver to become the 8th largest asset in the world, according to an Economic Times report which added that its $1.752 trillion market capitalisation crossed silver’s $1.726 trillion.

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Its not just silver that Bitcoin surpassed. It also went ahead of companies like Meta ($1.472 trillion), Tesla ($1.123 trillion), and Berkshire Hathaway ($1.007 trillion).

In comparison, Gold’s market cap is $17.6 trillion and remains the top asset, followed by companies like Nvidia, Apple, Microsoft, and Alphabet (Google) in the top five, according to the report.

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Bitcoin is now just about $10,000 -11,000 away from hitting $100,000 mark. The report quoted Alankar Saxena, Co-founder of Mudrex, as saying that it could hit $100K mark by the end of the year.

Another reason for the cryptocurrency’s rally was the purchase of 27,200 Bitcoin for $2.03 billion by MicroStrategy Inc, a software firm known for significantly investing into Bitcoin.

It acquired all this between October 31 and November 10, marking its biggest Bitcoin purchase ever since December 2020, when it bought 29,646 Bitcoin, according to the report.

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