Bitcoin Surpasses 1kg of Gold as Price Hits Record Highs Above $89,000

Bitcoin price has soared past $85,000, surpassing the value of 1 kg of gold, and continues to climb with a 10% gain in 24 hours. This milestone highlights Bitcoin dominance, with a market cap now exceeding silver and potentially closing in on Saudi Aramco valuation.

Bitcoin has reached a new milestone as its price now surpasses the value of one kilogram of gold. Trading at over $89,000 as of today, Bitcoin has outpaced gold’s approximate $84,000 per kg value. This surge follows a 10% rise in 24 hours and marks one of Bitcoin’s largest gains this week, sparking discussions about its potential to reach $100,000 before month-end.

Since Donald Trump’s recent election win, Bitcoin has surged by 30%, doubling in value year-to-date. With a market cap of $1.77 trillion, Bitcoin has now overtaken silver as the eighth-largest asset globally and is within reach of Saudi Aramco’s $1.807 trillion valuation, ranking seventh. Many analysts see Bitcoin’s rise as just beginning, with predictions suggesting further price growth through 2025.

Crypto analyst Rekt Capital notes that historical Bitcoin trends following halving events suggest the current bull market may not peak until October 2025. The analyst points out that in previous cycles, Bitcoin has shown similar timing patterns around its halving dates, potentially signaling new highs in the coming years.

On the policy front, momentum is also building for Bitcoin’s adoption as a U.S. strategic asset. David Bailey, CEO of Bitcoin Magazine, emphasized the importance of the proposed Bitcoin National Reserve Act, backed by Senator Cynthia Lummis. This bipartisan initiative aims to create a Bitcoin reserve for national use within the first 100 days of the new administration.

The positive trend in Bitcoin has had an impact on related assets and products. Bloomberg’s Eric Balchunas noted that Bitcoin-linked ETFs, MicroStrategy (MSTR), and Coinbase (COIN) witnessed a trading volume of $38 billion on November 11. BlackRock’s IBIT ETF recorded $4.5 billion, while Fidelity’s FBTC exceeded $1 billion. Bitcoin ETFs alone reached $7.2 billion in trading, the highest volume since March 14. MicroStrategy also saw record trading, with a $13 billion volume following its $2 billion BTC acquisition. Coinbase’s app climbed to rank 33 on the Apple App Store, its highest since February 2022, showing strong investor interest.

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