Bitcoin goes mainstream, becoming the world’s 7th largest asset by market cap (Bitfinex).

Last week, Bitcoin (BTC) broke through its first resistance level to a new all-time high, making the cryptocurrency the world's seventh-largest asset by market capitalization, a sign that it's headed in the mainstream.

According to Bitfinex, BTC is now competing with Apple ( AAPL ), Microsoft ( MSFT ), Nvidia ( NVDA ), Google ( GOOG ), Amazon ( AMZN ), and Gold ( GOLD ). The move pushed the cryptocurrency ahead of Silver, now ranked ninth, and Saudi Aramco, ranked eighth.

BTC became the 8th largest asset

During the sell-off before the US presidential election, BTC dropped to $66,880. After Donald Trump's victory, the digital asset rose 39.5% from the psychological level of $90,000 to $93,477 (CoinGecko).

Bitfinex said the increase pushed bitcoin's market capitalization above $1.8 trillion for the first time in history, allowing the cryptocurrency to overtake silver on the list of the world's largest trading assets for the second time. Analysts also noted that the rally was bitcoin's biggest nine-day price increase since January 2021 and one of the biggest gains for any asset in history.

“In the year Considering that bitcoin's market capitalization was only $450 billion in January 2021, it would take a lot of capital today to make such a price change. We believe this latest move represents perhaps the largest amount of capital flowing into Bitcoin in a very short period of time, Bitfinex said.

Bitcoin ETFs to reverse gold ETFs

Bitfinex believes gold exchange-traded funds (ETFs) could be the next victim, surpassing silver as the world's largest traded asset.

In the year As of November 19, the U.S. spot Bitcoin ETF market held more than $84 billion in assets under management (AUM), representing roughly 66% of the AUM of gold ETFs. Current average daily inflows into Bitcoin ETFs are likely to outpace gold ETF AUM over the next two months.

Market experts have previously predicted that Bitcoin ETFs could take two to five years to overtake gold ETFs; However, the level of development seen in the past indicates that the performance is not far off.

Interestingly, the AUM of BlackRock's iShares Bitcoin ETF ( IBIT ) has already surpassed the company's iShares Gold ETF ( IAU ), the world's second-largest gold ETF. It took the IAU 20 years to achieve this feat, but IBIT crushed the feat within 10 months.