Bitcoin Reaches Significant Milestone Amid November's Ongoing Price Rally

Bitcoin’s Recent Surge

After a 4.7% rally for the five days ending Sunday, Bitcoin price is humming right along at the $37,100 level. The world’s original cryptocurrency is trading 38% higher than six months ago and has an astounding 123% gain over an average exchange price of $16,600 on January 1.

Market Cap Milestones

With the Bitcoin market cap in excess of $725 billion, the leading cryptocurrency is now capitalized at 55% of the value of all the silver in the world at today’s spot prices. Furthermore, the total crypto market cap swelling past $1.47 trillion has overtaken the global silver market cap estimated at $1.255 trillion.

Bitcoin’s Deflationary Halving in April

Bitcoin is a deflationary currency with a fixed rate of deflation compared to an adjustable rate of inflation for the US dollar. Previous halvings have resulted in extended bull markets lasting for several months afterward and are likely to continue this year’s growth in Bitcoin market cap until it overtakes silver all on its own as it did during the bull run two years ago.

SEC Likely to Approve a Spot Bitcoin ETF

Markets are looking forward to an SEC approval of one or more spot Bitcoin ETF applications. A recent court decision makes it all but inevitable and many analysts expect an approval soon. BlackRock and Bloomberg ETF analyst believe it could happen any day now.

Soaring Institutional Interest in Bitcoin

Institutions have been increasing their holdings and adding to the Bitcoin market cap as this halving cycle wraps up. A senior Bloomberg analyst outlined a path to $400,000 for Bitcoin price based on institutional adoption while over 60% of institutional investors had a bullish outlook for Bitcoin back in July.