Bitcoin recently surpassed Saudi Aramco in market capitalization as its price surged past $92,000, reaching a high of $93,000 on November 13. This significant rise in value has pushed Bitcoin’s market cap to $1.83 trillion, edging out Saudi Aramco, which at the time had a market cap of $1.79 trillion, according to CompaniesMarketCap. The milestone cements Bitcoin’s position as one of the most valuable assets globally and intensifies speculation on whether it could challenge the market cap of Alphabet/Google, which currently stands at $2.2 trillion.
The rally in Bitcoin's price comes amid renewed enthusiasm in the cryptocurrency market, attributed in part to Donald Trump’s recent U.S. presidential victory. The election outcome has fueled optimism about potential pro-crypto policies, which many see as a promising backdrop for Bitcoin's continued growth. Analysts are forecasting a potential rise to $100,000, driven by this bullish sentiment.
Since early November, Bitcoin has experienced a remarkable 25% price increase, climbing from just under $69,000 on November 5 to its current record highs. In doing so, Bitcoin has surpassed the market valuations of several major companies, including Berkshire Hathaway, Tesla, and Meta Platforms, as well as the precious metal silver. Silver, now ranked as the ninth-largest asset by market cap, stands at $1.73 trillion, trailing behind Bitcoin’s recent surge.
A notable factor supporting Bitcoin's current rally is the strong demand in the spot Bitcoin ETF market, particularly with BlackRock’s IBIT seeing substantial inflows and trading volume. The introduction and popularity of such ETFs provide investors with easier access to Bitcoin, contributing to its upward momentum and potential for further gains.
With its current trajectory, Bitcoin’s status as the world’s largest and most popular cryptocurrency is further solidified. The market’s optimistic outlook for Bitcoin is backed by both a favorable political landscape and increased institutional adoption through ETFs. If Bitcoin continues on this path, it may set new price records and reach valuations that could rival some of the largest corporations worldwide.
