Bitcoin Surpasses Silver, Becomes 8th Largest Global Asset

Bitcoin has once again flipped silver in market capitalization, securing its place as the world’s eighth-largest asset. Surpassing silver’s $1.72 trillion market cap, Bitcoin reached an impressive $1.84 trillion, fuelled by surging institutional demand and growing interest in U.S.-approved spot Bitcoin ETFs. This achievement underscores Bitcoin’s increasing acceptance as a legitimate store of value and a prominent asset on the global stage, with the cryptocurrency now trailing only major giants like gold, Apple, Microsoft, and Saudi Aramco.

Bitcoin’s recent climb to over $93,000 highlights its rapid appreciation. The digital asset has gained approximately 30% over the past week, reflecting a robust upward trend that has sparked renewed excitement across the crypto and financial sectors. This latest milestone also follows a period of intense interest in Bitcoin ETFs, with daily trading volumes for funds like BlackRock’s iShares Bitcoin Trust (IBIT) reaching record highs as institutional players increase their exposure to the asset.

The broader crypto market has also benefited from this rally. Companies with heavy Bitcoin involvement, such as Coinbase and MicroStrategy, saw their stock prices surge to multi-year highs, further illustrating the market’s confidence in Bitcoin’s potential. Meanwhile, Bitcoin-based options trading is experiencing unprecedented activity, with open interest reaching yearly highs as investors speculate on continued price increases.

Bitcoin’s continued rise signals a shift in investor sentiment. No longer merely speculative, it is now viewed as a valuable hedge against market uncertainties. With comparisons frequently made to gold, Bitcoin’s scarcity narrative is drawing interest from traditional investors seeking alternative stores of value. The financial community is closely watching as Bitcoin’s market cap inches closer to that of Saudi Aramco, hinting that it could eventually challenge even higher ranks.