Bitcoin continues to break records following the US elections and central bank rate cuts. Since the election of Donald Trump and the Federal Reserve’s second interest rate cut this year, bulls have dominated the Bitcoin market, leading to a surge of over 9% over the last seven days. The cryptocurrency now ranks behind only a few major assets, including gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco.
Bitcoin’s market value is now greater than that of silver, with Bitcoin reaching $1.745 trillion in market capitalization and silver at $1.725 trillion. As Bitcoin moves higher, US spot Bitcoin ETFs have seen an uptick in both inflows and trading volumes. Eric Balchunas, a senior ETF analyst at Bloomberg, estimates that these funds could surpass gold ETFs in assets under management (AUM) within the next two months.
Analysts expect continued growth in both Bitcoin and altcoin-related ETFs with Trump’s reelection, which is believed to lead to more favorable regulatory conditions for the cryptocurrency industry as a whole.
