Bitcoin (BTC) market capitalization overtook that of silver with the influx of institutional money into digital assets, according to this week’s Bitfinex Alpha Market Report.
The exchange’s analysts remarked that last week, BTC broke past initial resistance levels and hit a new all-time high (ATH) of $93,318.
Additionally, it recorded the latest ATH of $94,040 just hours before the writing of this article.
Notably, the surges moved BTC’s market capitalization (counting all BTC mined by the time of the report) to $1.8 trillion for the first time ever, said the analysts.
And in the process,
“Bitcoin flipped silver by total market cap.”
At the time of writing the report, BTC was ranked eighth in the list of the world’s largest traded assets, as seen in the image below.
Source: Bitfinex Alpha Report
However, at the time of writing this article, BTC moved to the seventh place, as per Infinite MarketCap.
Bitcoin’s market cap currently stands at $1.851 trillion, compared to silver’s $1.762 trillion. That’s a significant difference in the ranking where every million matters.
Gold is, unsurprisingly, still in first place, boasting a massive market cap of $17.686 trillion – far more than any other asset below it.
That said, it’s evident that BTC keeps climbing the ranks.
Source: 8marketcap.com
Next Up: Bitcoin Flipping Gold ETFs AUM in Two Months?
BTCʼs increase to that previous ATH of $93,318 marked a 39.5% jump since the pre-election sell-off and price of $66,880.
This was accomplished in just under nine days, making it “the largest 9-day price increase for BTC since January 2021,” the analysts found.
However, the market capitalization is a massive player here. In January 2021, it stood at just $450 billion. Therefore, “it takes significantly more capital today to effect such a change in price.”
Per the analysts, “this recent move probably represents the largest volume of capital flowing into Bitcoin over such a short time, [while] the current ascent of Bitcoin might be one of the largest inflows into any asset in history.”
Additionally, Bitfinex took a deeper look at the US-traded spot Bitcoin exchange-traded funds (ETFs).
As of November 17, these ETFs held $84 billion in assets.
This is some 66% of the total assets under management (AUM) of gold ETFs.
Therefore,
“Given the current average daily inflows into Bitcoin ETFs, they are now on track to surpass the AUM of gold ETFs within the next two months.”
This, the analysts added, is a substantial acceleration from original estimations. These argued that it would take four to five years for Bitcoin ETFs to flip gold ETFs.
Additionally, it is notable that for one major firm, this has already happened. BlackRockʼs iShares Bitcoin ETF (IBIT) has outdone the AUM of the company’s iShares Gold ETF (IAU).
However, the analysts point out that,
“Remarkably, it took BlackRockʼs gold ETF, which is the second-largest gold ETF in the world, 20 years to reach this milestone, while the Bitcoin ETF achieved it in less than 10 months.”
The post Bitcoin Hits $94k ATH, Surpasses Silver to Become Seventh Largest Asset in the World appeared first on Cryptonews.
