Bitcoin Surpasses Silver, Paving the Way for Crypto Market Cap to Hit $2.8T ATH
Bitcoin’s market capitalization has surpassed $1.7 trillion, overtaking silver, which currently stands at $1.711 trillion as of November 12. Bitcoin’s market cap reached $1.736 trillion, moving silver to 11th place among global assets by market value. In comparison, the Vanguard Total Stock Market ETF, at $1.733 trillion, briefly surpassed silver before dropping to 9th position.
Bitcoin’s rally, fueled by optimism following Donald Trump’s U.S. presidential election victory, helped drive the broader crypto market to new heights. On November 12, BTC set a new all-time high (ATH) of $89,864, contributing to a record total crypto market cap of $2.8 trillion. The previous ATH was recorded on February 1, 2022, at $2.626 trillion, with a near-record of $2.611 trillion on March 1, 2024.
The Fear and Greed Index for Bitcoin has surged above 80 for the first time since March and April, signaling high investor sentiment. Analyst Koryo suggests this index might follow a pattern similar to late 2020, which saw BTC prices rise until March 2021. With altcoins also experiencing significant gains, the crypto market is attracting increased attention, with institutions like Societe Generale’s Bernstein advising clients to buy heavily.
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