Bitcoin’s market capitalization hit an all-time high of $1.93 trillion on Thursday, Nov. 21, when the asset reached a record high of $97,850.
This means that its market cap is now larger than the world’s sixth-largest company, Saudi Aramco, and just $230 billion behind e-commerce giant Amazon.
The firm, also known as the Saudi Arabian Oil Group, is a majority state-owned petroleum and natural gas company and the national oil company of Saudi Arabia.
Bitcoin price nearing $100K, market cap approaching $2 trillion. If Bitcoin was a company, it would be 6th biggest globally just behind Amazon and just ahead of Aramco pic.twitter.com/KdjfiSXyYS
— David Ingles (@DavidInglesTV) November 21, 2024
Market Cap Madness
Bitcoin now has around 11% of the market capitalization of the gold market, which is worth $17.68 trillion, according to Companiesmarketcap. It is also more than half the size of the world’s largest company, Nvidia, which has a market cap of $3.6 trillion and is 10% larger than the entire market capitalization of silver.
The big 6% price pump has been catalyzed by Donald Trump’s team holding discussions over whether to create a White House post dedicated to cryptocurrency policy, according to Bloomberg.
Market analyst Tony Sycamore told the outlet that “buyers are strangling the sellers” before adding, “While I’m not sure it’s all going to be smooth sailing as it edges closer to the $100,000 mark, the demand appears to be insatiable.”
On Nov. 21, Bitwise CEO Hunter Horsley commented, “The greatest wealth transfer program in the world right now isn’t a tax or welfare program — It’s Bitcoin.”
“As Bitcoin succeeds, a large class of people with different world views and values will increasingly have resources to express those views. This is a less obvious, but meaningful way that Bitcoin is changing the world.”
Bitcoin accumulator MicroStrategy also announced plans to accelerate asset purchases. Additionally, the debut of options on US spot Bitcoin ETFs has driven momentum this week.
BTC Dominance Surges
BTC market share has increased to 61.8% as a result of today’s price pump and this means that the altcoins are in pain.
Ethereum, with a market cap of $377 billion — about the same size as Netflix — has felt the brunt of this pain, having failed to move above $3,100 for the past week as the FUD returns.
ETH has just 11% crypto market share, stablecoins have 5.7%, and the rest of the altcoins are just minnows in terms of market caps.
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