Bitcoin has surpassed silver to become the eighth-largest asset globally, with a market capitalization of $1.75 trillion. This is the second time this year that Bitcoin has achieved this feat. The cryptocurrency’s price reached $89,560 before a slight pullback, showing a 9% daily gain. The increased interest in U.S.
spot Bitcoin exchange-traded funds and strong institutional demand have driven this growth. Options trading has also set new highs, with Deribit recording open interest for options contracts nearing $25 billion. Silver, in comparison, declined 6.24% over the past week, while Bitcoin gained 30%. The cryptocurrency’s continued success has benefited the “Bitcoin Industrial Complex,” which includes U.S.-listed spot Bitcoin ETFs, MicroStrategy, and Coinbase.
This index achieved a record $38 billion in trading volume. Bitcoin now trails only seven other assets in terms of global market value, with gold maintaining the top position. As institutional adoption of Bitcoin increases, it is expected that the digital asset will continue to gain traction within traditional investment portfolios.
