Bitcoin overtakes Saudi Aramco by market as price hits $93k
Bitcoin has overtaken oil giant Saudi Aramco in terms of market cap after the benchmark cryptocurrency surged past $92,000 on Nov. 13.
As Bitcoin (BTC) reached $93,000, its market capitalization hit $1.83 trillion. According to data from CompaniesMarketCap, this milestone has pushed BTC above Saudi Arabia’s oil giant, which had a market cap of $1.79 trillion at the time of writing.
With the crypto market’s bullish sentiment in place, Bitcoin’s market cap could target the $2.2 trillion market cap of Alphabet/Google. Since Donald Trump’s victory as the next U.S. president, the digital asset’s surge has seen it surpass major companies such as Berkshire Hathaway, Tesla, Meta Platforms, and Silver.
Silver is the latest asset that Bitcoin has surpassed in value. Currently, Silver ranks as the ninth-largest asset by market cap at $1.73 trillion.
Bitcoin bulls in charge
BTC has strengthened its status as the world’s most popular and largest cryptocurrency, thanks to a stellar 25% spike in the past week. After trading just below $69,000 on Nov. 5, Bitcoin has hit one new high after another amid exuberance around Trump’s win.
On Nov. 13, the flagship cryptocurrency rose past $93,477, leading analysts to forecast a potential run to $100,000. Notably, Trump’s election and the prospects of a pro-crypto stance suggest this might just be the beginning for bulls.
Demand in the spot bitcoin ETF market, where BlackRock’s IBIT is seeing unprecedented inflows and volume, further adds to this sentiment.
