Bitcoin has surged to frsh records since Donald Trump was re-elected president last week, with hopes he will ease regulations surrounding the digital currency
Bitcoin is on a wild ride to the moon, challenging $90,000 a week after the U.S. elections. AFP

KEY POINTS

  • Bitcoin hit $89,560 at one point Sunday night amid a 30% weeklong surge
  • $BTC is now the world's 8th largest asset, pushing silver to 9th and leaving Meta at 10th
  • Many crypto users are hopeful Trump will keep his Bitcoin and crypto promises

Bitcoin has surged once more just days after setting new all-time highs, this time surging above $89,000, allowing the world's first decentralized cryptocurrency to flip silver's market capitalization.

Data from CoinGecko shows that at one point on Monday night, the digital currency spiked to $89,560.95 amid a 7.8% surge in the last 24 hours. The coin has also increased by nearly 30% in the last seven days.

Bitcoin price late Nov 11 2024
Bitcoin surged above $89,500 Monday night. CoinGecko

$BTC Flips Silver To Become World's 8th Largest Asset

As Bitcoin prices continued to surge Monday night, the world's largest crypto asset overtook silver in the ranks of the world's largest assets. According to data from Companies Market Cap, BTC is now the world's 8th largest asset, pushing silver to the 9th spot and leaving Meta (Facebook) on the 10th position.

Silver's market cap stands at $1.732 trillion, while BTC is now at a staggering $1.739 trillion, while Meta is farther behind with $1.472 trillion.

Assets market cap Nov 11 2024
Bitcoin's market value is now closer to Saudi Aramco, the world's largest producer of oil. Companies Market Cap

Bitcoin's new milestone puts it closer to Saudi Aramco, the Kingdom of Saudi Arabia's integrated energy and chemicals company. It is dubbed the world's most profitable company and also the world's largest oil producer.

While gold remains the world's most valuable asset, it has underperformed compared to Bitcoin. Gold's 30-day chart is in the red, while BTC's chart in the last month has been on a green uptrend. So far in the last 24 hours, BTC prices are up by nearly 8%, while gold increased by 0.47%.

Will Bitcoin Surge Further Under Trump?

Prior to the U.S. elections, some analysts had already predicted that a second Donald Trump presidency would drive Bitcoin prices up.

For Bitget Research chief analyst Ryan Lee, a monumental spike is possible now that Trump is set to return to the White House. Aside from Trump's comeback, the crypto industry will welcome what crypto leaders have called the "most pro-crypto Congress" in U.S. political history.

Some industry experts predict that a $100,000 spike may even come sooner than later, "given we have a combination of positive political momentum, social media hype, a continuation of interest rate cuts, and the prospects of Bitcoin becoming a strategic reserve asset in the U.S.," said CoinShares Head of Research James Butterfill.

David Bailey of Bitcoin Magazine has said establishing the Strategic Bitcoin Reserve must be accomplished "in the first 100 days" of the Trump administration.

Since winning the elections, Trump has yet to talk about his campaign promises related to Bitcoin and the broader crypto industry, but there is much optimism that he will stay true to his word.

On the other hand, some industry observers are neutral, remaining cautious until Trump proves that he is the crypto president as he promised.

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