TLDR
- Bitcoin surpassed silver’s market cap, reaching $1.75 trillion and becoming the 8th largest global asset
- BTC price reached $89,560 before slight pullback, showing 9% daily gain
- Options trading volume hit yearly high near $25 billion on Deribit
- Silver declined 6.24% over the past week while Bitcoin gained 30%
- “Bitcoin Industrial Complex” index hit record $38 billion in trading volum
Bitcoin has achieved another milestone in its market journey, surpassing silver to become the eighth-largest asset globally by market capitalization.
The cryptocurrency reached a market value of $1.75 trillion, exceeding silver’s $1.732 trillion valuation, marking the second time this year Bitcoin has achieved this feat.
The digital asset’s price reached $89,560 before experiencing a slight pullback, according to data from CoinGecko.
This represents a daily increase of more than 9%, driven by strong institutional demand and continued interest in U.S. spot Bitcoin exchange-traded funds.
Trading activity has shown remarkable growth, with Bitcoin-based options trading reaching new heights. Data from derivatives exchange Deribit indicates that open interest for options contracts approached $25 billion on Monday, surpassing the previous yearly peak of approximately $24 billion recorded on November 7.
The contrast between Bitcoin and silver’s recent performance is striking. While silver experienced a decline of 6.24% over the past week, Bitcoin demonstrated impressive strength with a gain of approximately 30% during the same period. This divergence highlights the growing appeal of digital assets among investors seeking alternative investment opportunities.
The broader cryptocurrency ecosystem has benefited from Bitcoin’s upward momentum.
The “Bitcoin Industrial Complex” index, which includes U.S.-listed spot Bitcoin ETFs, MicroStrategy, and Coinbase, achieved a record $38 billion in trading volume, according to Bloomberg senior ETF analyst Eric Balchunas.
The Bitcoin Industrial Complex (ETFs + MSTR, COIN) saw $38b in trading volume today, lifetime records being set all over the place, incl $IBIT which did $4.5b, which points to a robust week of inflows. Just an insane day, it really deserves a name a la Volmageddon pic.twitter.com/rcOLs0MhNF
— Eric Balchunas (@EricBalchunas) November 11, 2024
Coinbase, a major cryptocurrency exchange, saw its stock close at $334.24 during Monday’s trading session, marking a three-year high. Similarly, MicroStrategy’s stock reached a new all-time high above $351, its first such achievement in almost 25 years.
In the global asset rankings, Bitcoin now trails only seven other assets. Gold maintains its position at the top with a $14.7 trillion market cap, followed by tech giants NVIDIA, Apple, Microsoft, Alphabet, and Amazon. Saudi Aramco, the national petroleum and natural gas company, holds the seventh position with a market capitalization of $1.8 trillion.
The increasing institutional adoption of Bitcoin has played a crucial role in its recent price appreciation. U.S. spot Bitcoin ETFs have continued to attract substantial inflows, indicating growing mainstream acceptance of the digital asset as an investment vehicle.
Market data suggests that trading volumes across various Bitcoin-related investment products have reached new highs.