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Last week, Bitcoin 
$106,719 experienced a remarkable surge of 30%, increasing its market value to $1.75 trillion, thereby surpassing silver and becoming the eighth-largest asset class globally. With this increase, Bitcoin added $400 billion to its market capitalization and approached the $100,000 price level. Should this upward trend exceed the $90,000 mark soon, experts predict that Bitcoin could overtake Saudi Aramco, the world’s largest oil company.
Bitcoin Leaves Silver Behind
Throughout the past week, Bitcoin achieved a market cap of $1.75 trillion, surpassing silver. Although silver prices have risen by 44% since the beginning of 2024, Bitcoin doubled its value with an annual increase of 101%, reaching approximately $89,000.
Potential to Overtake Saudi Aramco
According to Companiesmarketcap data, a mere 3% increase in Bitcoin’s price could position it ahead of Saudi Aramco. Analysts project that Bitcoin could reach $200,000 next year, surpassing giants like Amazon, Alphabet, and Microsoft. However, compared to gold, Bitcoin still has considerable ground to cover, as gold’s market value is currently about ten times that of Bitcoin.
Trump’s Election Victory Fuels Bitcoin Rally
Following Donald Trump’s recent election victory, Bitcoin rapidly surged due to strong interest in spot Bitcoin ETFs. Many analysts believe this momentum could drive Bitcoin to $100,000 by the end of the year. H.C. Wainwright analyst Mike Colonnese stated, “Positive sentiment is expected to continue throughout 2024; Bitcoin prices are likely to reach six figures by year-end.”
Utilizing Bitcoin as a Reserve Asset
Analysts anticipate significant changes in cryptocurrency regulations under the Trump administration. Matt Hougan, the chief investment officer at Bitwise Asset Management, noted that, “There is currently a favorable regulatory environment for crypto, acting as a tailwind for Bitcoin.” Calls for the U.S. to accept Bitcoin as a reserve asset are increasing, although some critics argue that such a step could weaken the U.S. dollar.
The recent price surge of Bitcoin and the rise of altcoins are largely attributed to Trump’s policies. As the crypto sector awaits potential regulatory changes with the new administration, the prospect of the U.S. recognizing Bitcoin as a reserve asset remains a topic of keen interest.
Despite Bitcoin’s rapid growth, it still remains weaker compared to gold. However, this surge is viewed as a significant milestone for the cryptocurrency market.
