The price of bitcoin (BTC) broke the $90,000 barrier and continues to set new all-time highs (ATH). With this rise, it becomes the seventh most valuable asset in the world.
As CriptoNoticias has reported, the price of BTC skyrocketed after the Donald Trump’s victory in the United States presidential elections. The Republican leader promised to create a strategic national reserve of BTC and promote friendly regulation of the cryptocurrency sector to strengthen its growth.
In this framework, the price of the coin created by Satoshi Nakamoto soared above $90,000which represents a weekly increase of more than 20%. At the time of publication of this note, its price is $91,700.
With this rise, the market capitalization of BTC rises above $1.8 trillion and becomes the seventh most valuable asset in the worldthus surpassing silver, the company Meta (ex Facebook) and the company Saudi Aramcothe largest producer of petroleum products in the world, among others.
Now, other giants such as Amazon and Google appear on the horizon. If it continues to climb positions, it will be within reach of Apple, Microsoft and Nvidia. The first place in this ranking is occupied by goldwhich has a market capitalization of $17.5 trillion.
According to calculations made by CriptoNoticias, for this to happen, BTC should be priced at $900,000taking as a reference the current price of gold.
The fact that, with only 15 years of existence, bitcoin surpasses other assets as valuable and ancient as silver in terms of market capitalization, It is an example of the role that this currency currently has in the global financial system.
BTC’s response to inflation in the US
Another factor that explains the rise in recent hours is that the consumer price index (CPI) in the United States, the main financial power, increased slightly by 0.2% in October.
In annual terms, the CPI reached 2.6%, exceeding the 2.4% registered in September. However, it should be noted that this increase is in line with the market’s expectations.
The publication of the data favored BTC because it is considered by investors as a refuge against inflation.
As CriptoNoticias has explained, the digital currency has a total supply set at 21 million, which differentiates it from fiat money that is constantly devalued by the monetary policies of central banks.
