After Trump’s victory, Bitcoin surged by $22,000 in a week, hitting a historic high of 89,575 this morning, surpassing silver in market value and becoming the 8th largest asset globally. Bloomberg analysts estimate that the assets under management of Bitcoin ETF are likely to surpass that of gold ETF by January next year, marking the one-year anniversary of its listing.
Following Trump’s victory in the presidential election last week, the market’s expectations for the beefing up of cryptocurrency policies promised by Trump before the election have increased significantly. The Bitcoin frenzy has swept through, with BTC soaring over $22,000 from $66,822 on election day, hitting a historic high of 89,575 this morning, with the current price at $88,604, a nearly 8.8% surge in the past 24 hours.
It is worth noting that according to CoinMarketCap data, Bitcoin’s market value reached $1.77 trillion this morning, still standing at $1.736 trillion, surpassing silver’s market value of $1.732 trillion, jumping to become the 8th largest asset globally.
Investors’ enthusiasm for Bitcoin is also evident in Bitcoin spot ETFs and stocks related to Bitcoin concepts such as Microstrategy and Coinbase. Bloomberg Senior ETF Analyst Eric Balchunas pointed out earlier today on the X platform that the total assets under management (AUM) of the US Bitcoin spot ETF now stands at $840 billion, reaching two-thirds of the asset size of gold ETF. He also predicts that the assets under management of Bitcoin ETF are likely to surpass that of gold ETF by the one-year anniversary of its listing in January next year.
Balchunas further pointed out that the frenzy over Bitcoin has also engulfed the stock market, as Coinbase and Microstrategy have entered the top 5 stocks by trading volume. COIN closed up 19.76% at $324.24 on Monday, while Microstrategy MSTR surged by 25.74% to close at $340, rising over 5% in after-hours trading to break $358.
Furthermore, BlackRock’s Bitcoin spot ETF “IBIT” saw a trading volume of $450 million, closing up by 13.46%. Interestingly, the so-called tech giants did not perform well. Apple (AAPL), Nvidia (NVDA), Amazon (AMZN), Microsoft (MSFT), and META all closed lower on Monday, while Google’s parent company Alphabet (GOOGL) saw a slight increase. Tesla (TSLA), owned by Trump’s staunch supporter Musk holding 9,720 BTC, rose nearly 9% on Monday.
Meanwhile, gold prices have dropped by nearly 4.5% since the US election, indicating a trend in the market towards a shift from tech stocks and gold to cryptocurrencies.