The world’s largest cryptocurrency surged to $89,000 this morning, with its market capitalization surpassing that of silver.
A week after the U.S. presidential election, Bitcoin's (BTC) price momentum shows no signs of slowing down. Around 9:45 PM yesterday (9:45 AM local time), the cryptocurrency broke past $82,000 per unit and quickly climbed to $84,000 within just an hour. BTC then continued to set new milestones throughout the night.
At approximately 6:15 AM today, Bitcoin—the world’s largest cryptocurrency—reached $89,250 per coin, an 11% increase in just 24 hours. The market capitalization recorded was over $1.77 trillion.
This push allowed Bitcoin to surpass silver, making it the eighth-largest asset in the world, just behind gold and top tech companies like NVIDIA, Apple, Microsoft, Alphabet, Amazon, and oil giant Saudi Aramco. The last time BTC surpassed silver's market cap was earlier this year, driven by positive sentiment around spot ETF funds.
Elsewhere in the market, other tokens joined the rally. Ether rose by over 5% to around $3,350. Similar increases were seen in Solana, XRP, and Shiba Inu, while Dogecoin continued its two-digit growth trend.
Shares of companies holding substantial BTC reserves also rose significantly. MicroStrategy—the Nasdaq-listed software company with the largest BTC holdings in the corporate world—gained 25%, closing at a record high of $340 on November 11, surpassing the dot-com bubble peak. The company also purchased an additional 27,200 BTC, bringing its total to 279,420 Bitcoin, valued at around $24.5 billion at the current price.
The cryptocurrency market has surged since Donald Trump's election victory, as investors anticipate a more favorable approach to digital assets during his presidency. Bitcoin has gained 27% over the week, while many altcoins have doubled or tripled.
Trump's victory also brought powerful momentum to the market. According to Deribit, one of the world’s most popular derivatives exchanges, over $2.8 billion in capital is betting that Bitcoin will surpass $90,000 via call options. This has generated a very positive crowd sentiment, spreading across the market.
However, Deribit also noted that call options are placed only in the $90,000–$100,000 range. Above $100,000, most investors have set up put options, meaning Bitcoin's price rally might not last much longer.