Bitcoin Rally Slows Near $90,000, Now with a Market Cap Bigger Than Silver
Following Donald Trump’s recent presidential election victory, the Bitcoin rally slows near $90,000 after a record-breaking surge. Bitcoin’s ascent has been impressive, pushing it past silver in global market rankings and making it the eighth-largest asset worldwide.
As of Tuesday morning, the leading cryptocurrency was valued at $86,900, with a market cap of approximately $1.72 trillion. This new milestone now places it above silver, which holds a market cap of $1.71 trillion. However, Bitcoin still trails far behind gold’s $17.52 trillion valuation.
Record Gains Amid a Slower Rally
Despite signs of slowing down, Bitcoin’s rally near $90,000 marks a 5.6% increase in the past 24 hours alone, capping off a week where Bitcoin surged by 30% to reach unprecedented highs. With the year drawing to a close, many analysts expect Bitcoin could soon hit $100,000. Market sentiment remains optimistic as Trump’s pro-Bitcoin stance has encouraged both retail and institutional investment. As Trump begins his term, this enthusiasm is expected to continue, spurring further growth across the crypto market.
Trump’s Pro-Bitcoin Agenda Boosts Optimism
Starting in January, Trump’s administration will be the first to support Bitcoin and digital assets directly. On the campaign trail, he voiced an unprecedented level of support for Bitcoin, dubbing himself the “crypto candidate.” He also pledged to make the U.S. a global leader in crypto innovation by establishing a national Bitcoin reserve and creating a “Bitcoin and crypto presidential advisory council.” This agenda has catalyzed the Bitcoin rally near $90,000 as both private and institutional investors position themselves for the long term.
At a Bitcoin conference in July, Trump outlined his vision to lead a crypto-friendly America. “The rules will be written by people who love your industry, not hate your industry,” he stated, underscoring his commitment to reducing regulatory obstacles. His support has inspired the recent rally, with investors driving Bitcoin’s market cap higher than silver’s for the first time.
Surging Bitcoin ETF Inflows
Following Trump’s win, U.S. Bitcoin ETFs saw record-breaking inflows, reflecting a wave of optimism within the investment community. Last Thursday, U.S. Bitcoin ETFs recorded an unprecedented inflow of $1.3 billion, led by BlackRock, which saw over $1 billion directed into its Bitcoin ETF. Fidelity’s FBTC fund recorded $190 million, according to data from Farside. These inflows highlight the high level of interest among institutional investors and are helping sustain Bitcoin’s rally near $90,000 as the year comes to an end.
Bitcoin’s Ripple Effect on the Broader Market
The positive impact of Bitcoin’s rally has extended across the broader cryptocurrency market, lifting the values of other digital assets. Ether, for instance, has reached over $3,200, while Dogecoin surged by 30% in the past day. Meanwhile, tokens like Solana and Cardano saw minor corrections but remain strong overall. According to CoinMarketCap, the total valuation of the global crypto market currently stands at $2.91 trillion, a 4.09% increase over the past day.
Bitcoin’s rise and the recent slowdown near $90,000 underscore the influence of pro-crypto policies on the market. As Trump’s administration sets the stage for broader adoption, Bitcoin’s journey toward $100,000 looks increasingly attainable, signaling a major shift in the digital asset landscape.
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