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.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.