Bitcoin (89000$) Became The 8th Largest Asset, Beat Silver

 In November 2024, Bitcoin (BTC) became the 8th largest asset by beating Silver metal with valuation around 1.75 trillion dollar, and the current market price of 1 BTC around 89000$. This surge has captivated both seasoned investors and newcomers to the crypto space. But why theses rise up came up in this short time and will BTC going to touch 100k in this year 2024, let's discuss some key points.

Bitcoin (BTC) The 8th Largest Asset, Beat Silver 

Institutional Attention :

One of the main reason behind Bitcoin certain rise in November 2024 is institutional investors are taking intrest in crypto currency mostly in BTC, major financial institutions and hedge are are entering the crypto currency market this year. Giant tech Companies and hedge funds institutions buying Billion's of dollar Bitcoin in 2024, which has helped Bitcoin to rise upward on its price.

Limited Distribution : 

 As you know only 21 million Bitcoin can be mine and this crypto currency programmed as a every 4 years of time Bitcoin mining reduced in half. Historically, Bitcoin halving events have been followed by price hike due to the reduction in supply. In April 2024 halving process reduced the block reward amount from 6.25 BTC to 3.125 BTC, decreasing the supply of new coins and increasing demand. As demand for Bitcoin remain strong and limited supply has contributed to hike price. 

Global Economic Tension :

In recent years Bitcoin has been viewed as a safe asset by many people much like GOLD & Silver in 2024 several global factor like inflation, currency devaluation and geopolitical tension make traditional financial markets struggled for long time, as a result investors have turned to Bitcoin as stable investment option against inflation and potential economic downfall. Bitcoin decentralised nature and limited supply make it an attractive alternative to traditional currencies.

Increasing adoption as currency :

As we are moving forward in time btc getting much more important in our day to day life. Major companies and business around the world are now accepting Bitcoin as a payment method for goods and services. Fintech companies include btc into there business as offering Bitcoin-backed loans or cross-border payments. As more people using Bitcoin in every day transaction btc price will go higher eventually.

 

Fear Of Missing Out :

Finally, a important point of Bitcoin getting 89000 dollar and beat silver in November 2024 is FOMO of retail investors. In couple of months BTC getting much more attention due to Big company purchase significant amount of Bitcoin,  all over the world news and social media create hype around it as a result individual investors are jumping on the market, hoping to capitalize the upward movement. Retail demand and media coverage has created a self-reinforcing loop of price increase 

However it's important to know that crypto currency market are much more volatile and prices can be decreased rapidly, Investors should deep research and cautious when investing or holding Bitcoin or any other crypto currency.