Bitcoin Surpasses Saudi Aramco as Price Hits $93K

Bitcoin has recently surpassed Saudi Aramco in market capitalization, reaching approximately $93,000 on November 13. This surge has propelled Bitcoin's market cap to $1.83 trillion, eclipsing Saudi Aramco's market cap of $1.79 trillion, according to CompaniesMarketCap data.

Bullish Sentiment Drives Market Growth

The cryptocurrency market is experiencing a bullish trend, with Bitcoin's rise suggesting it could target a market cap of $2.2 trillion, potentially surpassing Alphabet/Google. Since Donald Trump's election as the next U.S. president, Bitcoin has outperformed major corporations like Berkshire Hathaway, Tesla, and Meta Platforms.

Bitcoin's Recent Performance

In the past week alone, Bitcoin has seen a remarkable 25% increase, climbing from just below $69,000 on November 5 to new highs. On November 13, Bitcoin peaked at $93,477, with analysts speculating it could reach $100,000 soon. This optimistic outlook is fueled by expectations of a pro-crypto stance from the incoming administration.

Spot Bitcoin ETF Market Demand

The demand for spot Bitcoin ETFs, particularly BlackRock’s IBIT, has surged, contributing to the overall positive sentiment in the market. This trend indicates a growing institutional interest in Bitcoin, further solidifying its status as the leading cryptocurrency.

A New Benchmark for Bitcoin

Bitcoin's recent achievements highlight its growing dominance in the financial landscape. As it overtakes traditional giants like Saudi Aramco, the cryptocurrency continues to attract attention and investment, marking a significant milestone in its evolution.