Bitcoin Flips Saudi Aramco, Ranks as World's Seventh-Biggest Asset by Market Value

The world's oldest and largest crypto, Bitcoin (BTC), has overtaken oil giant Saudi Aramco by market capitalization following its meteoric rally above $90K.

Bitcoin (BTC) has become the seventh-largest asset globally by market capitalization, surpassing oil giant Saudi Aramco after its stunning rally above $90K.

Following Donald Trump's victory in the U.S. election on Nov. 6, sparking hopes of crypto-friendly regulations, BTC kicked off a bull rally that saw its price skyrocket from the $69,000 level to over $93,400 in just one week.

Bitcoin Flips Saudi Aramco

With a market cap of $1.807 trillion, Bitcoin now ranks higher than Aramco's $1.804 trillion, making it the seventh-largest asset by market value on the planet.

In addition to the world's largest oil producer, Bitcoin's market capitalization also surpassed that of Silver ($1.706 trillion) and prominent companies like Meta Platforms ($1.398 trillion), Tesla ($1.029 trillion), and Warren Buffett's Berkshire Hathaway ($1.013 trillion).

Bitcoin ranks behind Google's parent company, Alphabet, which boasts a $2.116 trillion market cap. The top five assets are gold, Nvidia, Apple, Microsoft, and Amazon, with market caps of around $17.171 trillion, $3.58 trillion, $3.4 trillion, $3.1 trillion, and $2.25 trillion, respectively.

For BTC to overtake Alphabet, its price would need to rise to around $108,000. Meanwhile, to unseat Apple, the price of the alpha crypto would have to soar to roughly $180,000.

At press time, BTC hitting six figures is within reach. Specifically, BTC is now just roughly $9,000 away from the psychologically important $100,000 resistance level. Based on historical chart patterns and the rising investor demand since Donald Trump's landslide victory, there are speculations that the king crypto could hit $100K before the end of this year.

Can BTC Overtake Gold?

While Bitcoin is often dubbed “digital gold,” overtaking gold's market cap will be challenging as the yellow metal remains over 10 times bigger.

However, a rise in global adoption, especially if digital assets become a mainstream means of trade, could propel Bitcoin’s market cap to $17 trillion — an achievable mark given its rapid growth over the last decade or so. Furthermore, the scarcity narrative over BTC could continue to attract investors seeking a hedge against market uncertainties.

Galaxy Digital chief executive officer Mike Novogratz recently predicted that Bitcoin could overtake gold within five or ten years. Novogratz, who owns gold, thinks younger generations care more about Bitcoin than the precious metal. Thus, he believes Bitcoin will likely match gold as we witness this generational shift.