Bitcoin Overtakes Silver In Market Cap, Eyes $90K With $2.8 Billion In Futures

(MENAFN- eTrendy Stock) Bitcoin has officially, albeit briefly, surpassed silver in market capitalization, making it the world's eighth-largest asset at a peak of $1.75 trillion. This milestone comes as BTC reached an all-time high near $89,560, sparking record interest and heavy futures bets on Bitcoin soon hitting the $90,000 mark.

The Surge to $1.75 Trillion

BTC's latest rally has elevated its market cap beyond silver's, marking a significant achievement in the asset's trajectory. With a market value at $1.75 trillion, Bitcoin now stands as one of the largest assets globally, just behind tech giants and gold, which holds a $17.5 trillion market cap.

Global assets by market cap, Companiesmarketcap

This climb has been fueled by growing institutional interest, including inflows into U.S. spot Bitcoin ETFs, as well as favorable economic factors like recent rate cuts from the U.S. Federal Reserve. These conditions have pushed BTC into mainstream finance, transforming its perception from a speculative asset to a legitimate store of value.

Investors Eye $90K with Record Futures Bets

Adding to the optimism, the futures market has seen unprecedented interest in Bitcoin's next milestone. Open interest in Bitcoin futures contracts, predicting BTC to reach $90,000, has reached over $2.8 billion on platforms like Deribit. This level of investment underscores a strong bullish sentiment, with investors banking on Bitcoin's continued growth in value.

BTC 1 month chart data via TradingView

The heightened futures premiums and call options at a premium to puts indicate that the market is leaning heavily toward further price increases. However, experts caution that such momentum could face resistance, especially if there's a correction in leveraged positions.

Implications for the Broader Market

The coin's rapid ascent past silver's market cap carries wider implications for the financial sector. Its scarcity narrative, digital accessibility, and resilience to inflationary pressures have attracted more traditional investors seeking alternatives to conventional assets. This shift signals that BTC's value proposition is resonating beyond the crypto community, posing it as a viable alternative to precious metals like silver.

While Bitcoin still trails significantly behind gold in terms of market cap, its growth trajectory suggests potential for further increases. As regulatory frameworks evolve and institutional adoption grows.

For now, BTC's historic rise past silver and its near-$90,000 valuation demonstrates its growing influence-and the high stakes that investors are willing to embrace in the pursuit of crypto gains.

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