With Trump's victory in the presidential election last week, market expectations for his pre-election promises on cryptocurrency policy have increased significantly. The BIT craze has swept across the board, with BIT soaring by more than $22,000 from election day's $66,822 to a new all-time high of $89,575 in the early hours of today (12th), and was trading at $88,604 at the time of writing, up nearly 8.8% in the last 24 hours.
Bitcoin surpasses silver, becoming the 8th largest asset globally by market cap
It is worth noting that according to CoinMarketCap data, Bitcoin's market cap reached $1.77 trillion at one point this morning, and is currently still at $1.736 trillion, surpassing silver's market cap of $1.732 trillion, and rising to become the 8th largest asset globally by market cap.
Bitcoin spot ETF may surpass gold ETF in January next year
Investor frenzy for Bitcoin is also reflected in Bitcoin spot ETFs and Bitcoin-related stocks like Microstrategy and Coinbase.
Earlier today, Bloomberg senior ETF analyst Eric Balchunas wrote on the X platform that the total assets under management (AUM) of US Bitcoin spot ETFs have now reached $84 billion, which is two-thirds the size of gold ETFs. He also predicted that the assets of Bitcoin ETFs are likely to surpass gold ETFs by the time they celebrate their first anniversary next January.
Suddenly, there's a decent shot they (Bitcoin spot ETFs' AUM) surpass gold before their first birthday, when we had originally predicted it would take 3-4 years.
Assets in the US spot bitcoin ETFs are now up to $84b, which is 2/3 of the way to what gold ETFs have, all the sudden there's a decent shot they surpass gold bf their first birthday (we predicted it would take 3-4yrs) pic.twitter.com/MlPZNhdKjO
— Eric Balchunas (@EricBalchunas) November 11, 2024
Bitcoin ETF, Coinbase, Microstrategy trading volumes hit record highs
Balchunas further pointed out that the Bitcoin frenzy has also swept the stock market, as Coinbase and Microstrategy have both made it into the top 5 most traded stocks currently, with COIN closing up 19.76% to $324.24 on Monday, and Microstrategy MSTR exploding 25.74% to $340, continuing to rise over 5% after hours to break above $358.
In addition, BlackRock's Bitcoin spot ETF "IBIT" also saw trading volume reach $450 million, closing up 13.46%.
The Bitcoin industrial complex (ETFs + MSTR, COIN) saw trading volume of $3.8 billion today, a new all-time high.
$IBIT alone saw $450 million in volume, indicating strong inflows this week.
Interestingly, the so-called tech giants performed poorly. Apple (AAPL), Nvidia (NVDA), Amazon (AMZN), Microsoft (MSFT) and META all closed down on Monday, while Google parent Alphabet (GOOGL) saw a slight gain, and Tesla (TSLA), which is owned by Trump's strongest campaign supporter Musk and holds 9,720 BTC, closed up nearly 9% on Monday.
Meanwhile, spot gold has fallen nearly 4.5% since the US election, suggesting a trend of tech stocks and gold shifting towards cryptocurrencies.
