Bitcoin has reached a milestone, surpassing Meta to secure the 9th position in global market capitalization rankings.

The rally, driven by investor optimism following Donald Trump’s win in the 2024 US presidential election, has propelled Bitcoin to a market cap of $1.48 trillion, once again edging out Meta’s $1.44 trillion.

Bitcoin is Now the 9th Largest Asset Worldwide

With each Bitcoin now valued at approximately $74,900, the cryptocurrency has surpassed Meta’s market cap with notable resilience.

This marks the second time Bitcoin has overtaken Meta, following a rally in March when it briefly surged above $73,000. The milestone highlights Bitcoin’s increasing relevance and competitive positioning alongside other major tech giants.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

The list is topped by gold, which has a market cap of $17.95 trillion. Chip maker NVIDIA is next at $3.57 trillion, followed by Apple at $3.36 trillion.

Other companies in this ranking include Microsoft, Amazon, and Alphabet (Google). Bitcoin’s latest valuation places it just behind silver in 9th place. This development demonstrates Bitcoin’s evolution from a niche digital asset to a globally significant store of value.

Can Bitcoin Overtake Silver?

As Bitcoin climbs the global market cap rankings, many are now wondering if it could soon surpass silver. Silver currently holds a market cap of approximately $1.75 trillion, placing it just above Bitcoin’s $1.48 trillion.

In March 2024, Bitcoin briefly overtook silver as Bitcoin became the 8th-ranking global asset.

“I could potentially see Bitcoin to become the 21st century digital gold. Let’s not forget that gold was also volatile historically. But it is important to keep in mind that Bitcoin is risky: it is too volatile to be a reliable store of value today. And I expect it to remain ultra-volatile in the foreseeable future,” said Marion Laboure, analyst at Deutsche Bank Research.

At that time, its valuation surged to $1.42 trillion, surpassing silver at $1.387 trillion, with a 4% increase to an all-time high beyond $72,000. With Bitcoin’s recent momentum and continued interest from institutional investors, this event is likely to repeat.

Surpassing silver would further solidify Bitcoin’s position as a digital gold and strengthen its reputation as a valuable asset in the broader financial arena. If Bitcoin continues on this trajectory, overtaking silver could be the next milestone in its journey.

Mainstream Bitcoin Adoption

Bitcoin’s ascent into the world’s top assets is accompanied by growing interest, as shown by investment flows into various exchange-traded funds (ETFs).

For instance on November 6, the majority of Bitcoin products showed positive inflows. Fidelity’s FBTC led with a substantial $308.8 million inflow, suggesting strong investor interest. Bitwise’s BITB and Ark’s ARKB also gained, receiving $100.9 million and $127 million, respectively.

Grayscale’s GBTC, despite previous outflows, managed a modest change of $30.9 million. This day’s inflows highlight a general uptick in interest across various ETFs, contrasting with recent periods of volatility and outflows in other funds. Total inflows reached $621.9 million, reflecting a demand for Bitcoin products.

Read more: What Is a Bitcoin ETF?

As Bitcoin continues to solidify its position among the world’s largest assets, these investment patterns suggest that mainstream adoption is on the horizon. With institutional support growing and infrastructure maturing to facilitate broader access, Bitcoin is positioned as a viable asset in traditional finance.

The US Federal Reserve announced a 25 basis points (bps) interest rate cut, a bullish signal, while Bitcoin crossed a new all-time high. Fed Chair Jerome Powell directly stated that election results will not impact future planned rate cuts.

These cuts are lower than the previous September round. However, they are still considered bullish for Bitcoin and the broader crypto market.

Bitcoin and Powell’s Rate Cut Regime

On Thursday, the US Federal Reserve announced new interest rate cuts of 25 basis points (bps). This translates to a target range between 4.5% and 4.75% and is consistent with Fed Chair Jerome Powell’s stated plans to gradually cut rates in the coming months. Previous rate cuts in September proved a highly bullish signal for the crypto industry.

Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030

Bitcoin’s price already reached a new all-time high since Donald Trump’s election victory, but this new rate cut may turbocharge bullish sentiment. Indeed, on Thursday, Bitcoin made yet another new all-time high at $76,800. However, as of writing, Bitcoin has slightly retraced, currently trading at $75,800.

When the news first broke onto the crypto scene, general commentators reacted with absolute jubilation. Crypto Rover, founder of CryptoSea analysis platform, claimed that previous rate cut trends alone could take Bitcoin to $100,000.

Even bearish predictions have hinged on the notion that rate cuts would be too conservative. In September, analysts warned that perceived market instability could harm risk-on assets like Bitcoin.

Darkex Global, liquidity provider and asset exchange, theorized that Trump’s victory might dampen future rate cuts or create such instability. Fed Chair Jerome Powell addressed this.

“The election will have no impact on our policy decisions. The economy is very difficult to forecast looking past the near term. We don’t guess, we don’t speculate, and we don’t assume,” Powell stated.

Read More: How to Protect Yourself From Inflation Using Cryptocurrency

In other words, nothing in the current political climate has yet convinced the Fed that rate cuts should slow or cease. Powell emphasized his long-term goal of steadily reducing US inflation and keeping employment high. If this current trajectory of gradual slow rate cuts is working to the Fed’s satisfaction, Trump’s election will not hinder it.

The crypto market is bracing for heightened volatility as nearly $4.6 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire today.

This event comes after the US elections and the Federal Open Market Committee (FOMC) meeting. These two US macro developments were the driving forces behind Bitcoin sentiment this week.

US Elections, FOMC Drive Crypto Market Sentiment Ahead of Major Options Expiry

According to data from Deribit, 48,794 Bitcoin options contracts worth approximately $3.7 billion will expire on November 8. These contracts have a put-to-call ratio of 0.72 and a maximum pain point of $69,000.

Similarly, Ethereum’s options market is set to expire with 294,380 contracts worth $854.88 million. Today’s expiring Ethereum contracts have a put-to-call ratio of 0.65, with a maximum pain point of $2,500.

Read more: An Introduction to Crypto Options Trading.

In options trading, the maximum pain point is the level at which option holders would suffer the largest losses. It is essentially the price at which the highest number of options (both calls and puts) would expire worthless, inflicting maximum financial “pain” on traders.

Meanwhile, the put-to-call ratio gauges market sentiment by comparing the number of put options (bets on price declines) to call options (bets on price increases).

According to Deribit, the hype around the elections saw trading volumes rise to a daily all-time high of $10.8 billion on November 6. This was as expectations for a Donald Trump victory peaked. This coincided with BTC reordering what was then its all-time high at $75,100.

Greeks.live’s recent analysis outlined the impact of the recent US elections on today’s expiring crypto options contracts. The analysts noted that as the hype around Donald Trump’s victory fades, the options market is closing out profit-taking to end the election season.

“The election market is rapidly cooling off. Despite strong gains in both Bitcoin and Ether and optimistic sentiment in the crypto market, the options market is closing out profit taking in a noticeable way to end the election game,” they wrote.

Further, Greeks.live observes that Bitcoin doomsday options have fallen below 50%. A doomsday option is added to a contract to allow either the issuer or investor to redeem the contract early.

Similarly, the analysts say implied volatility (IV) is down significantly across all major terms, with ETH benefiting from today’s big gains and falling back less than BTC. Meanwhile, large holders are already planning ahead.

“Large investors have begun to lay out the end of the year market or even next year’s spring market,” the analysts added.

Read more: How to Protect Yourself From Inflation Using Cryptocurrency

Elsewhere, the FOMC decided to cut interest rates by 25 basis points (0.25%). The Federal Reserve (Fed) chair, Jerome Powell, indicated that “raising rates is not our plan.” The remarks came amid acknowledgment that people are still feeling the effects of high prices.

More interestingly, the Fed chair said he would not resign if asked to do so, cognizant of Trump’s plans to overhaul US crypto rules beyond the SEC (Securities and Exchange Commission).