Bitcoin Outperforms Saudi Aramco, Becomes 7th Largest Asset by Market Cap

Bitcoin has reached a remarkable milestone, overtaking Saudi Aramco and becoming the 7th largest traded asset globally by market capitalization.

The current bull run has pushed BTC’s market capitalization to $1.9 trillion for the first time ever. This comes as Bitcoin continues its positive run reaching an ATH of $98,065 at the time of writing.

Notably, the achievement thread marks a new chapter in Bitcoin’s meteoric rise and reinforces its growing importance in the global financial market.

Bitcoin Surpasses Silver and Saudi Aramco

Bitcoin’s market capitalization surged to $1.923 trillion, surpassing Aramco’s $1.805 trillion valuation. This rise follows a series of record-breaking price movements, with BTC recently hitting an all-time high of over $98,000.

Additionally, the cryptocurrency’s rise puts it ahead of Saudi Aramco and Silver, establishing its place as the 7th largest traded asset. Currently, Bitcoin now finds itself in a race with some of the world’s most valuable companies. With Amazon at $2.13 trillion, Alphabet (Google) at $2.16 trillion, and Microsoft at $3.089 trillion.

Moreover, Bitcoin’s rise has been largely driven by institutional investors seeking alternatives to traditional assets amidst economic uncertainties and downturns.

Over the past two weeks, BTC has recorded a nearly 7% jump, pushing its price above $98,000. The surge is largely driven by whales and traders keying into Bitcoin’s breakout.

Additionally, Donald Trump’s victory in the 2024 U.S. presidential election encouraged a sharp rally. His positive stance on digital assets and promises of pro-crypto legislations upon his inauguration have been met with positive reactions from the crypto market.

The Path to Overtaking Gold’s Dominance

While Bitcoin has outperformed several traditional assets, moving past gold remains a distant yet interesting possibility.

However, Gold’s massive $17.884 trillion market cap is far away from Bitcoin’s $1.923 trillion valuation. For Bitcoin to match gold, its valuation would need to rise appropriately ninefold.

However, achieving this would require unprecedented global adoption, mainstream acceptance of Bitcoin as a primary store of value, and significant regulatory shifts in the economic market. Nonetheless, Bitcoin’s anti-inflationary design and decentralization continue to attract investors globally.