- Bitcoin’s price surged to a new all-time high of $93,318, pushing its market cap to $1.8 trillion
- BTC’s market value now exceeds silver’s, making it the 8th most traded asset globally
- Recent profit-taking triggered a consolidation phase, mirroring patterns in traditional markets
According to Bitfinex Alpha, the recent rise of Bitcoin beyond $90,000 has enabled the cryptocurrency to outperform the value created by most traditional financial assets.
BTC Hits a Record $93,318
In fact, BTC reached a new all-time high of $93,318, pushing its market capitalization to $1.8 trillion and outpacing the total market value of silver. With this move, Bitcoin became the eighth most-traded asset in the world.
Largest Rally Since January 2021
As we’ve mentioned several times in recent days, this BTC rally represents a 39.5% gain from its pre-election value of $66,880 and marks the largest price jump for Bitcoin since January 2021.
Back then, however, Bitcoin’s market capitalization stood at a mere $450 billion, just a quarter of its current valuation.
Profit-Taking Cools the Rally
Not surprisingly, profit-taking has now tempered this rally, with $640 million in net outflows recorded over the past two trading days.
This was enough to give way to a consolidation phase—a common pattern observed across more traditional financial markets, where profit-taking follows strong upward moves.
What’s Next for Bitcoin?
Bitcoin’s historic rally to $93K shows its growing influence in global financial markets. As markets consolidate, attention will turn to BTC’s next move.
