Bitcoin Overtakes Meta, Claims 9th Spot in Market Rankings

Bitcoin has ascended to the 9th position in the global market capitalization rankings, overtaking Meta Platforms (formerly Facebook) amidst a bullish rally fueled by optimism surrounding Donald Trump's victory in the 2024 presidential elections.

With a market capitalization of $1.46 trillion and a price of $73,800 per Bitcoin, the cryptocurrency has edged past Meta, which has a market cap of $1.445 trillion. This marks a significant milestone, as Bitcoin had previously surpassed Meta back in March when it reached a new record high above $73,000.

Potential for Bitcoin to Surpass Gold

The current rankings of top assets by market capitalization feature major tech companies and precious metals, with Gold leading at $18.359 trillion, followed by NVIDIA at $3.431 trillion and Apple at $3.377 trillion. Other notable companies include Microsoft, Amazon, and Alphabet (Google).

Bitcoin's recent surge of 7.33% reflects strong market sentiment and increasing investor interest, positioning it just behind Saudi Aramco, which holds the 8th spot.

Ryan Lee, Chief Analyst at Bitget Research, commented, “The market seems to have reacted in advance to Trump’s earlier hints about potentially designating BTC as a strategic reserve asset. If Trump were to win, BTC could continue driving the market higher without major pullbacks, potentially reaching even greater highs.”

Following a series of victories in key swing states, Trump appears poised to return to the White House, maintaining a lead in the polls. The outcome now hinges on the results from Arizona, Michigan, Nevada, and Wisconsin, where over half the votes have been counted, showing a favorable tilt toward Trump.

QCP Capital noted, “The crypto market has been on fire with BTC hitting an all-time high of $75,000 after reaching its previous record of $73,500 set on March 14. Notably, BTC has now navigated three election cycles since its inception in 2009, each followed by rallies to new highs, with prices never dipping back to pre-election levels. We expect this bullish momentum to hold strong as we head into 2025.”

Surge in Trump-Themed Meme Coins

In related news, Trump-associated meme coins have experienced significant gains, while those linked to Kamala Harris have seen notable declines. The MAGA (TRUMP) token, the largest political memecoin associated with Trump, has gained 20% in the last 24 hours, reaching $4.50 with a market cap of $198 million.

Additionally, the “President Trump MAGA” token has surged by over 530% in the past day, while DADDY TRUMP (TADDY) has increased by 310%. In stark contrast, tokens associated with Kamala Harris have faced considerable losses, with the Kamala Harris token (KAMA) dropping by 81.11% in just 24 hours. Other Harris-themed tokens have similarly declined, with the MAWA token experiencing a 75.60% drop.

This dynamic reflects the shifting sentiments in the cryptocurrency market as it responds to political developments and investor behavior.