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Bitcoin’s surge past initial resistance levels to new all-time highs last week led the cryptocurrency to become the world’s seventh-largest asset by market capitalization, a sign that it has gone mainstream., BTC is now competing with Apple , Microsoft , Nvidia , Google , Amazon , and Gold . The ascent drove the cryptocurrency to surpass Silver , which currently sits ninth, and Saudi Aramco, which is eighth.During the sell-off before the United States presidential election, BTC fell to $66,880.
“Given that bitcoin’s market capitalization in January 2021 was just $450 billion, it takes significantly more capital today to effect such a change in price. We believe this recent move probably represents the largest volume of capital flowing into Bitcoin over such a short time,” Bitfinex stated.With bitcoin surpassing silver in the world’s largest traded assets list, Bitfinex believes gold exchange-traded funds may be the next victim.
By November 19, the United States spot Bitcoin ETF market held more than $84 billion in assets under management , representing roughly 66% of gold ETFs’ AUM. The current average daily inflows into the Bitcoin ETFs suggest that they couldtwo to five years for Bitcoin ETFs to flip gold ETFs; however, the level of growth experienced by the former indicates that the feat is no longer far-fetched.the company’s iShares Gold ETF , the world’s second-largest gold ETF.
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