Bitcoin Overtakes Silver, Becoming the 8th Largest Asset By Market Cap

After Donald Trump’s victory in the 2024 presidential election in the United States, coupled with the Federal Reserve’s decision to lower interest rates by 0.25 basis points, the cryptocurrency market has experienced significant growth.

On Monday evening, Bitcoin‘s market capitalization surpassed that of silver, reaching $1.75 trillion and solidifying its position as the world’s eighth-largest asset.

This surge coincided with Bitcoin breaching the $89,000 mark, peaking at $89,560 before retreating below those levels, according to data from CoinGecko.

The asset has surged more than 9% on the day due to robust institutional demand and sustained interest in spot Bitcoin exchange-traded funds over recent weeks.

Notably, this marks the second occasion this year that Bitcoin has overtaken silver; it first achieved this milestone in March, as reported by Infinite Market Cap.

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Institutional investors drive BTC’s rally, boosting corporate holdings and trading volumes 

The recent surge in Bitcoin’s value has been fueled by its growing adoption and the integration of BTC into the investment portfolios of global financial institutions.  These developments have significantly enhanced its appeal, particularly in the midst of fluctuating economic conditions and concerns surrounding the stability of fiat currencies.

Notably, Eric Balchunas, a senior ETF analyst at Bloomberg, observed that BlackRock’s iShares Bitcoin Trust (IBIT) witnessed a trading volume of $4.5 billion on Monday.

Meanwhile, MicroStrategy (MSTR), a Nasdaq-listed software company with the largest corporate Bitcoin treasury, experienced a remarkable 25% surge, closing the day at a new all-time high of $340.  This feat shattered its previous 24-year record set during the dotcom bubble era.

On Monday, MicroStrategy announced that it had acquired an additional 27,200 BTC, bringing its total holdings to 279,420 BTC, valued at approximately $24.5 billion at current prices.

The broader “Bitcoin industrial complex,” which includes Bitcoin ETFs, MicroStrategy, and Coinbase, also reached a lifetime high in trading volume, totaling $38 billion.  Despite achieving an impressive year-to-date gain of over 100%, BTC would still require a tenfold increase to match Gold’s market capitalization.

Buy Bitcoin (BTC)⇓

About Bitcoin (BTC)

Cryptocurrency	Bitcoin
Token	BTC
Price	$ 97769.9000 0.31%
Rank	1
Market Cap	$ 1,935.7B
24H Trading Volume	$ 163.2B
All-time High	$ 108282.0000
All-time Low	$ 0.0500
24 High	$ 98200.4500
24 Low	$ 92450.0000
Cycle High	$ 97800.0000 / 2024-12-20 23:56:55
Cycle Low	$ 92295.5000 / 2024-12-20 12:17:56
Update Time	2024-12-21 00:01:02

Created in 2009 by an anonymous developer or collective known as Satoshi Nakamoto, Bitcoin (BTC) stands as a pioneering cryptocurrency designed to function as a decentralized form of money and payment, uncontrolled by any single individual, group, or entity. Unlike fiat currencies, BTC is created, distributed, traded, and stored using a decentralized ledger system known as a blockchain.

Since its inception, Bitcoin has emerged as the most recognized and influential cryptocurrency globally, sparking the rise of numerous other digital currencies.

In 2024, Bitcoin (BTC) experienced a significant price surge, particularly following the SEC’s approval of eight spot BTC ETFs and the occurrence of the fourth Bitcoin Halving. In November, the crypto market witnessed a sudden spike in buying pressure following Donald Trump’s victory as the 47th President of the United States. As a result, Bitcoin, the trailblazing cryptocurrency, soared nearly 10% to reach a new all-time high of $76,800, propelling the broader market forward.

As of writing the article, Bitcoin (BTC)  is traded at $ 97769.9000, witnessing a hefty 24-hour trading volume of $ 163.2B. Bitcoin (BTC) saw a 24-hour change of 0.31%, with minor fluctuations of 0.30% in the past hour.

The following sets forth BTC to USD Chart

Bitcoin Price

Buy Bitcoin (BTC)⇓

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How to Buy Bitcoin (BTC)?

BTC USDT-margined perpetual futures contract with a leverage of up to 500x is available on BTCC, you can buy BTC anytime on BTCC at the lowest price and highest security.

The following sets forth the guidance for buying BTC on cryptocurrency exchange BTCC:

Step One: go to the BTCC homepage and log in to your BTCC account. If you do not have an account, you need to register first.

Step Two: on the BTCC official homepage, choose “Deposite”, and then fund your account with your preferred method (fiat deposit, crypto deposit or convert).

Step Three: go back to the BTCC official homepage, choose “Futures” -“USDT-M Perpetual Futures Contract”, and find BTC/USD trading pair.

You can also directly click the button below to enter the BTC order page.

Step Four: choose the contract trading order type. Futures contract orders on BTCC platform include market orders, limit orders and SL/TP orders.

• Market Order: users place orders at the best price in the current market to achieve fast trading.
• Limit Order: Limit orders are a type of order to buy or sell futures at a price more favourable than the market price. When you buy at a price lower than the market price or sell at a price higher than the market price, the order will be in the form of a limit order.
• SL/TP Order: SL/TP orders are a type of order to buy or sell futures at a price less favourable than the market price. When you buy at a price higher than the market price or sell at a price lower than the market price, the order will be in the form of a SL/TP order.

Step Five: adjust the leverage multiple.

Please keep in mind that operating leverage carries the risk of liquidation. Leverage should be adjusted based on your financial status and risk tolerance.

Step Six: choose the lot size and set the SL/TP price .

Step Seven: after setting the basic data information, users can choose to buy (open long) or sell (open short) after entering their ideal price. Traders should remind that the price cannot be higher or lower than the highest buying price or lowest selling price of the platform.

Step Eight: click the buy or sell button, and BTC futures contract order is completed.

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