Bitcoin’s market capitalization has surged, with the asset hitting another all-time high today, propelling crypto markets to a new peak of $3.34 trillion. 

On Thursday, Nov. 21, Bitcoin’s market capitalisation reached an all-time high of $1.93 trillion, with the asset reaching a record high of $97,850.

This implies that its market capitalisation is now more than Saudi Aramco, the world’s sixth-largest firm, and only $230 billion behind e-commerce behemoth Amazon. The company, also known as the Saudi Arabian Oil Group, owns the majority of the state-owned petroleum and natural gas industry, as well as Saudi Arabia’s national oil company.

Market Cap Madness

Bitcoin now accounts for approximately 11% of the gold market’s market capitalization, which is at $17.68 trillion, according to Companies Market Cap. It is also more than half the size of Nvidia, the world’s largest business, with a market capitalization of $3.6 trillion, which is 10% greater than the total market capitalization of silver.

According to Bloomberg, Donald Trump’s team is debating whether to create a White House post dedicated to cryptocurrency policy, which has fuelled the 6% price increase.

Market analyst Tony Sycamore told the outlet that “buyers are strangling The sellers” before adding, “While I’m not convinced it’ll all be easy sailing as it approaches $100,000, the demand appears to be ravenous.”

On Nov. 21, Bitwise CEO Hunter Horsley stated, “The greatest wealth transfer program in the world right now isn’t a tax or welfare program—it’s Bitcoin.”

“As Bitcoin grows in popularity, a big number of people with diverse worldviews and values will have more opportunities to express themselves. This is a less evident but significant way in which Bitcoin is transforming the world.”

The launch of options on Bitcoin ETFs has also driven momentum this week. Additionally, the debut of options on US spot Bitcoin ETFs has driven momentum this week.

BTC Dominance Surges

As a result of today’s price surge, BTC’s market share has risen to 61.8%, putting altcoins under pressure. Ethereum, with a market capitalization of $377 billion — roughly the same value as Netflix — has borne the brunt of this misery, failing to rise beyond $3,100 for the past week as FUD returns. ETH accounts for only 11% of the crypto market, stablecoins for 5.7%, and the remaining altcoins are little minnows in terms of market capitalization.

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