As the popular crypto asset, Bitcoin, smashes a new all-time high((ATH), heading towards $90,000, data on CompaniesMarketCap reveals that the asset class has overtaken the physical asset Silver in the position of the hierarchy.
The latest move puts Bitcoin at the 8th largest position by market cap ranking, while Silver took the 9th position with a market cap of around $1.6 trillion. At the time of writing, the crypto’s market capitalization surpassed $1.8 trillion. Meanwhile, gold retains the leading role with a whopping market cap of $17.17 trillion.
Apex Coin Will Rise Above $100k
In the midst of market volatility, bitcoin rose above $88,000 at press time. The new ATH record follows the just-concluded United States election as market speculators and analysts predict that the world’s leading cryptocurrency will hit $100,000 before Republican Donald Trump is sworn in as president by January 20, 2025.
Recall that the Republican said during his campaign that he had plans to make the U.S. “the bitcoin and cryptocurrency capital of the world.” Since his electoral campaign, to date, bitcoin and other cryptocurrencies have taken up a bullish run and made headlines.
It is also worth noting that Binance CEO Richard Teng speculated that Bitcoin would sell for over $80,000 by the end of 2024. The outlook of the apex coin has surpassed $80,000 and counting.
Bitcoin’s Volatility This Year
This year has been characterized by bullish price trends for the leading crypto asset. In the first quarter (Q1) of 2024, the digital asset saw a notable price pump from $42,000 to somewhere above $73,000 in March, which was an ATH record at the time.
However, in Q2, BTC’s bullish streak dropped as its price declined from $71,000 to $60,000, revealing a bearish backward flip. Some factors accounting for the reversal were the Federal Reserve’s delay in reducing interest rates and miner capitulation.
In a recent report, Bitcoin topped the list of the best-performing assets for 2024. It outpaced Silver and Gold by gaining 49.2% year-to-date, while Gold and Silver gained 26.5% and 30.6%, respectively.
