After Trump’s victory, Bitcoin soared by $22,000 in a week, reaching a historic high of 89,575 this morning, surpassing the market value of silver to become the 8th largest asset globally. Bloomberg analysts estimate that the assets of Bitcoin ETF may surpass that of gold ETF by January next year, on the one-year anniversary of its listing.
With Trump’s victory in the presidential election last week, market expectations for the beefed-up cryptocurrency policy promised by Trump before the election have surged. The Bitcoin frenzy has swept through, with BTC soaring over $22,000 from $66,822 on election day to hit a historical high of 89,575 this morning, currently trading at $88,604, up nearly 8.8% in the past 24 hours.
It is worth noting that according to CoinMarketCap data, the market value of Bitcoin reached $1.77 trillion this morning, still exceeding the market value of silver at $1.732 trillion, making it 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’s senior ETF analyst Eric Balchunas wrote on X platform earlier today that the overall assets under management (AUM) of US Bitcoin spot ETFs now stand at $840 billion, reaching two-thirds of the gold ETF asset size. He also predicted that the assets of Bitcoin ETF may surpass that of gold ETF by January next year, on its one-year listing anniversary.
Balchunas further pointed out that the Bitcoin frenzy has also taken over the stock market, as Coinbase and Microstrategy are among the top 5 stocks in terms of trading volume. COIN surged 19.76% to $324.24 on Monday, while Microstrategy (MSTR) skyrocketed 25.74% to $340, and continued to rise over 5% after hours, breaking through $358.
In addition, BlackRock’s Bitcoin spot ETF “IBIT” also saw a trading volume of $450 million and surged 13.46% at closing.
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) slightly increased. Tesla (TSLA), which is owned by Trump’s strongest campaigner Musk and holds 9,720 BTC, rose nearly 9% on Monday.
Meanwhile, gold spot has dropped nearly 4.5% since the US election, indicating a trend of tech stocks and gold shifting towards cryptocurrency.