Bitcoin’s recent price rally has taken the cryptocurrency to a new all-time high, with its market capitalization surpassing Saudi Aramco and solidifying its place among the world’s largest assets. Trading above $90,000, Bitcoin reached a market cap of $1.805 trillion, securing the seventh spot globally according to data from CoinMarketCap and CompaniesMarketCap.
This milestone was achieved on November 12, when Bitcoin’s price jumped to $89,500, allowing it to overtake Silver in market cap. Two days later, Bitcoin maintained its momentum, surpassing Saudi Aramco’s valuation as it crossed the $91,000 mark.
Bitcoin now trails only the largest tech giants, and although it would need to nearly double its value to compete with them, this recent surge highlights its growing status as a valuable global asset.The wider cryptocurrency market has also reached new heights, achieving a combined market cap of $3.02 trillion. This figure places it on par with the GDP of the world’s eighth-largest economy, comparable to countries such as the United Kingdom and France, according to the International Monetary Fund.
Ethereum, Bitcoin’s closest competitor, is following a similar upward trajectory. Its market cap reached new highs, allowing it to overtake the Bank of America, with Ethereum’s price trading at $3,200 on November 10.
This surge reflects a broader trend in the digital asset space, where both Bitcoin and Ethereum are gaining ground against traditional economic giants.Bitcoin’s rapid rise above $90,000 demonstrates the continued bullish sentiment within the crypto market, positioning it as an asset class with growing influence on the global financial landscape.
Source | Photo Credits : Cointelegraph
