Bitcoin’s price out values 1kg of gold as its market cap exceeds silver

1 week ago 3

Bitcoin’s price out values 1kg of gold as its market cap exceeds silver Oluwapelumi Adejumo · 14 mins ago

Optimism surrounding Trump's second tenure is helping to propel Bitcoin's current price appreciation.

Bitcoin’s record-breaking price streak to nearly $90,000 has positioned the top crypto asset ahead of silver and gold in key market metrics.

Data tracked by TradingView showed that gold is on a downward slope. The price of one kilogram of gold dropped to $83,439 as spot gold declined by 1.8% to $2,636 per ounce as of press time. This fall marks the steepest time for the precious metal since early May.

In stark contrast, Bitcoin has surged by nearly 27% over the past week to a new all-time high of $89,956, boosted by optimism around Donald Trump’s ascension to the White House. Unsurprisingly, Bitcoin’s rapid climb has pushed its market capitalization past silver’s, a notable achievement for an asset often called “digital gold.”

Now valued at approximately $1.73 trillion, Bitcoin is the world’s eighth-largest asset, edging silver with a $1.71 trillion market cap. Meanwhile, gold remains the leading global asset, with a commanding market cap of $17.4 trillion.