Last week, Bitcoin’s (BTC) rally above initial resistance levels and reaching new all-time highs has seen the cryptocurrency become the world’s seventh-largest asset by market cap, a sign that it has gone mainstream.

According to a report from Bitfinex , BTC now competes with Apple, Microsoft , Nvidia, Google, Amazon, and Gold . The rally has seen the cryptocurrency surpass Silver, which currently ranks ninth, and Saudi Aramco, which sits in eighth place.

BTC Becomes 8th-Largest Asset

During the sell-off before the US presidential election, BTC fell as low as $66,880. Following Donald Trump’s victory, the digital asset surged 39.5%, breaking the psychological $90,000 mark, and reached an all-time high of $93,477 (CoinGecko).

Bitfinex analyzed that this surge has pushed Bitcoin’s market cap to over $1.8 trillion for the first time in history, allowing the cryptocurrency to overtake silver as the world’s largest traded asset for the second time. The analysts also found that the rally is Bitcoin’s largest nine-day price increase since January 2021 and could mark one of the largest inflows into any asset in history.

Bitcoin ETFs to Overturn Gold ETFs

As Bitcoin overtakes silver as the world’s largest traded asset, Bitfinex believes that gold exchange-traded funds (ETFs) could be the next casualty.

As of November 19, there were over $84 billion in assets under management (AUM) in the U.S. Bitcoin ETF spot market, representing approximately 66% of gold ETF AUM. Current average daily inflows into Bitcoin ETFs suggest that they could surpass gold ETF AUM in the next few months.

Market experts had previously predicted that it could take two to five years for a Bitcoin ETF to overturn gold ETFs; however, the level of growth seen in the former suggests that this milestone no longer seems out of reach.

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