Bitcoin overtakes silver to become 8th largest asset globally

Bitcoin has surpassed silver to become the 8th largest asset in the world, with a market cap of $1.752 trillion compared to silver's $1.726 trillion. Its price rose 9% to $88,570 in 24 hours. The surge in Bitcoin's value is linked to optimism following Donald Trump's victory in the US presidential election. Investors expect a more favorable regulatory environment for cryptocurrencies under his administration. Additionally, MicroStrategy Inc. made a significant purchase of 27,200 Bitcoin for $2.03 billion, its largest acquisition since December 2020. Bitcoin's recent performance has led to speculation about it reaching $100,000 soon.