Bitcoin has climbed to the 9th position in global market capitalization rankings, surpassing Meta Platforms (Facebook) amid a rally driven by optimism surrounding Donald Trump’s win in the 2024 presidential elections.
With a market cap of $1.46 trillion and a price of $73,800 per Bitcoin, the cryptocurrency has edged out Meta, which holds a market cap of $1.445 trillion.
Notably, this is not the first Bitcoin has overtaken Meta. Back in March, the leading cryptocurrency also surpassed the company after it hit a new record high above $73,000.
Could Bitcoin Overtake Gold in the Long Run?
The list of top assets by market cap includes major technology giants and precious metals, with Gold leading at $18.359 trillion, followed by NVIDIA at $3.431 trillion, and Apple at $3.377 trillion.
Other leading companies include Microsoft, Amazon, and Alphabet (Google).
Bitcoin’s recent surge of 7.33% demonstrates the strong market sentiment and growing interest among investors, positioning it ahead of Meta and just behind Saudi Aramco in 8th place.
“The market seems to have reacted in advance to Trump’s earlier hints about potentially designating BTC as a strategic reserve asset,” Ryan Lee, Chief Analyst at Bitget Research, said in a comment.
“If Trump were to win, BTC could continue driving the market higher without major pullbacks, potentially reaching even greater highs.”
After a series of victories in key swing states, Trump is now set to return to the White House.
Trump has maintained a lead in the polls from the start, and now it all hinges on Arizona, Michigan, Nevada, and Wisconsin.
With over half the votes counted in these states, the scales are tipping toward Trump.
“The crypto market has been on fire with BTC hitting all-time high of 75k after touching its previous record of 73.5k, set back on March 14,” QCP Capital said in a separate note.
“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.”
Trump Meme Coins Soar
As reported, Trump-associated meme coins are surging while those tied to Kamala Harris have experienced significant declines in the past 24 hours.
The MAGA (TRUMP) token, the largest political memecoin associated with Trump, has posted an impressive gain of 20% over the last 24 hours, reaching $4.50 with a substantial market cap of $198 million.
Similarly, “President Trump MAGA” token has gained more than 530% in the past day, while DADDY TRUMP (TADDY) has surged by 310%.
In stark contrast, Harris-themed tokens have experienced considerable losses over the past day.
The Kamala Harris token (KAMA) has plummeted by 81.11% in 24 hours, while other variants of Harris-themed tokens show similar downward trends.
The MAWA token, another Harris-associated cryptocurrency, has recorded a significant 24-hour decline of 75.60%, and Harris-themed tokens listed on kamaharris.fun and kamalaharriscoin.com have dropped by around 70%.
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