Bitcoin’s market capitalization has surpassed that of Silver on the list of the Top market caps in the world.
The digital asset, which rallied close to the $90,000 mark today witnessed its market cap surge as well with the crypto asset extending its dominance over other altcoins.
Bitcoin’s current market capitalization is $1.77 trillion.
This is slightly higher than that of Silver, a valuable commodity whose market capitalization is currently $1.7 trillion.
Bitcoin’s surge in market cap means the crypto asset is now trailing Saudi Aramco which has a market cap of $1.8 trillion on the list of the top 10 market caps in the world.
Bitcoin has earlier surpassed Mark Zuckerberg’s Meta whose Market capitalization is in the $1.4 trillion range cementing its position as a significant asset in the globe.
Bitcoin’s recent rally follows the United States election week where Donald Trump, a largely perceived pro-crypto candidate was declared the winner of the polls.
Since then, Bitcoin has smashed its All-time high of several months surging to new heights and is now shockingly $1,000 away from $90,000.
Besides the ripple effect of Donald Trump winning the US elections. Other factors significantly contribute to the current Bullish rally by Bitcoin.
One of the factors is the $1.1 billion net inflows into the U.S.-based spot BTC exchange-traded funds on Monday, Nov. 11.
Into the Block Data showed that Bitcoin whale transactions have also picked up surpassing the $100 billion mark yesterday.
Huge waves of whale transactions often trigger the fear of missing out among retail investors, triggering huge inflows and resulting in an increase in Bitcoin price.
Polymarket predicts Bitcoin Price action
Polymarket, the industry’s biggest prediction market is already drawing odds on the chances of Bitcoin hitting $90,000, $95,000, and $100,000.
- A Polymarket poll with a $238,000 volume shows a 40% chance of Bitcoin surpassing $100,000.
- Another poll which already contains a betting volume of $3.6 million, suggests an 80% chance of BTC reaching $90,000.
- The odds of Bitcoin touching $95,000 and $105,000 are sitting at 57% and 20%, respectively, the Polymarket poll data shows.
Bitcoin’s rally in price is having a ripple effect on altcoins with Ethereum, the biggest Altcoin currently exchanging hands for $3,270 surging by 2.8% in the last 24 hours.
What to Know
- Bitcoin is currently exchanging hands for $87,178 surging by a whopping 5.9% in the last 24 hours.
- The global market capitalization of all cryptocurrencies has cooled down to $3.08 trillion at the time of the report. Bitcoins market cap is currently at $1.77 trillion extending its dominance over other altcoins by over 55%.
