Bitcoin’s market cap briefly overtakes silver’s at $89,000 level

Earlier today, Bitcoin’s market cap briefly overtook that of silver, as the world’s first cryptocurrency reached never-before-seen heights.

CoinMarketCap data shows that at today’s high of nearly $89,000, Bitcoin’s market cap reached $1.78 trillion. Silver’s market cap, on the other hand, currently stands at $1.725 trillion .

Since then, Bitcoin has fallen back to a price of about $86,600 and a market cap of $1.7 trillion — slightly lower than that of silver. The coin is also 2.5% up over the last 24 hours and over 24.35% up over the last seven days.

Bitcoin has been racing ever higher since when Trump was elected as the next United States president on Nov. 5. His win over his Democrat counterpart Kamala Harris and her opaque crypto policy was seen as a major win for the crypto industry.

The president-elect has been extremely vocal about his support for the cryptocurrency industry throughout his campaign, during which he said “ if you’re for crypto, you better vote for Trump .” Furthermore, he also has skin in the game and last month announced the sale of his World Liberty Financial (WLF) token, which aims to become a decentralized finance (DeFi) platform.

Trump has gone as far as to promise the creation of a United States Bitcoin strategic reserve if elected. The plan — which attracted considerable criticism — is driving market enthusiasm as investors expect the initiative to diminish Bitcoin supply while driving the demand up, with likely predictable implications for the price.

Shortly after the win, the CEO of the cryptocurrency exchange platform Coinbase,  Brian Armstrong, declared the result as being a “huge win for crypto .” In an article published on the social media platform

“Finally, crypto is here to stay from a policy POV, and we’re going to keep showing up until we see sensitive legislation passed which protects consumers, and the industry, from future attacks. “We are going to see this industry be built in America.”

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