Bitcoin has made history once again as it overtakes oil giant Saudi Aramco in terms of market capitalization. The benchmark cryptocurrency surged past $92,000 on November 13, reaching a new all-time high of $93,000 and pushing its market cap to $1.83 trillion. This milestone has propelled Bitcoin above Saudi Aramco, which had a market cap of $1.79 trillion at the time of writing.
The surge in Bitcoin’s price comes amidst a bullish sentiment in the crypto market, with analysts predicting that the cryptocurrency could target the $2.2 trillion market cap of Alphabet/Google. Since Donald Trump’s victory as the next U.S. president, Bitcoin has surpassed major companies such as Berkshire Hathaway, Tesla, Meta Platforms, and Silver. Silver, which currently ranks as the ninth-largest asset by market cap at $1.73 trillion, is the latest asset that Bitcoin has surpassed in value.
Bitcoin’s surge has been fueled by a 25% spike in the past week, with the cryptocurrency hitting new highs amid excitement surrounding Trump’s win. On November 13, Bitcoin rose past $93,477, leading analysts to forecast a potential run to $100,000. The prospects of a pro-crypto stance under Trump’s administration suggest that this bullish trend may just be the beginning.
Demand in the spot bitcoin ETF market has also been on the rise, with BlackRock’s IBIT seeing unprecedented inflows and volume. This further adds to the positive sentiment surrounding Bitcoin and the broader cryptocurrency market.
Bitcoin’s dominance as the world’s most popular and largest cryptocurrency is solidified by its recent price surge and market cap surpassing traditional assets like Saudi Aramco and Silver. As the crypto market continues to evolve and gain mainstream acceptance, Bitcoin’s position at the top seems more secure than ever.