Bitcoin Surpasses Saudi Aramco as Price Hits $93,000

Bitcoin has surpassed Saudi Aramco in market capitalization after its price surged past $92,000 on November 13, hitting a new high of $93,000. As a result, Bitcoin’s market capitalization reached $1.83 trillion, surpassing Saudi Aramco’s market cap of $1.79 trillion at the time of writing.

This surge is part of a broader crypto market rally, where Bitcoin continues to perform exceptionally well. With the market’s bullish sentiment in place, Bitcoin now has its sights set on reaching the $2.2 trillion market cap of Alphabet (Google), which could be its next target.

Bitcoin’s Growth and Market Milestones

Bitcoin’s ascent also means it has now overtaken major companies, including Berkshire Hathaway, Tesla, Meta Platforms, and Silver. As of now, Bitcoin has surpassed Silver, which is currently valued at $1.73 trillion, making Bitcoin the eighth-largest asset by market capitalization.

The price spike has been fueled by the bullish sentiment that has taken hold of the market, especially following Donald Trump’s victory in the U.S. presidential election. Many in the crypto community see Trump’s policies as beneficial for digital assets, with promises of reducing excessive regulations, which has driven demand in the space.

Bitcoin Bulls in Charge Amid Political Shifts

Bitcoin’s price has skyrocketed in the past week, jumping by 25% from just under $69,000 on November 5 to over $93,000 by November 13. Analysts predict the price may continue rising, with some expecting Bitcoin to potentially reach $100,000 soon. The political shift under Trump’s administration, particularly his crypto-friendly stance, has further fueled market optimism.

Bitcoin’s rise is not only fueled by Trump’s pro-crypto rhetoric but also by institutional demand, particularly in the spot Bitcoin ETF market. The launch of BlackRock’s IBIT Bitcoin ETF has seen unprecedented inflows and trading volume, contributing to the bullish trend.

Looking Ahead: Will Bitcoin Reach $100,000?

Given the current trajectory, Bitcoin’s market capitalization could continue to climb, possibly aiming for the $100,000 mark. With a pro-crypto environment expected to grow under Trump’s leadership and increasing institutional support for Bitcoin, many in the market are optimistic that the digital asset could soon surpass even Alphabet’s $2.2 trillion market cap.

The massive gains Bitcoin has experienced over the past few weeks suggest that the market is far from cooling off. The increasing institutional participation and positive regulatory outlook could provide more fuel for the rally, pushing Bitcoin even higher.