Bitcoin surpassed silver; can BTC reach $100k in November?

 

Bitcoin almost hit the $90,000 mark earlier today and became the eighth-largest asset in the world.

Bitcoin btc4.13%Bitcoin reached an all-time high of $89,604 earlier today as the broader crypto market enjoyed impressive gains — the global crypto market cap also hit an ATH of $3.11 trillion.

Following the rally, Bitcoin’s market cap surged to $1.77 trillion, surpassing silver’s $1.7 trillion value, and sitting close to the $1.8 trillion market cap of Saudi Aramco, a national Saudi Arabian petroleum and gas company. 

One reason was the $1.1 billion net inflows into the U.S.-based spot BTC exchange-traded funds on Monday, Nov. 11. 

Bitcoin’s whale transactions also surpassed the $100 billion mark yesterday, data from IntoTheBlock shows. 

Large waves of whale transactions often trigger the fear of missing out among retail investors, triggering huge inflows.