Bitcoin Records Biggest Daily Gain in History

Bitcoin, the world's largest cryptocurrency by market capitalization, recorded its biggest daily gain in history on Nov. 11. 

The crypto king managed to add $8,343 to its price within a single day.

The previous record was set on Feb. 8, 2021. Back then, the leading cryptocurrency logged a daily gain of $7,576, surging from $38,871 to $46,448. This, of course, was the day when e-car maker Tesla stunned market participants by announcing a $1.5 billion Bitcoin purchase. 

The next three biggest daily moves were all recorded during this year. In 2024, Bitcoin ETFs emerged as a powerful bullish narrative. Notably, spot Bitcoin ETFs have recorded $3.5 billion worth of inflows in just four trading sessions. 

Bitcoin flips silver 

On Monday, the largest cryptocurrency soared to a new record high of $89,560, skyrocketing by nearly 30% within a single week. 

The market cap of the world's leading cryptocurrency currently stands at $1.75 trillion. 

Following the most recent price surge, Bitcoin has now managed to surpass silver. Bitcoin is also ahead of such individual companies as Tesla, Berkshire Hathaway, and TMSC.  

As reported by U.Today, Blockstream CEO Adam Back recently predicted that the largest cryptocurrency could also potentially surpass the market cap of gold during this cycle. 

"The madness of crowds" 

Meanwhile, Bitcoin nemesis Peter Schiff is convinced that the leading cryptocurrency simply represents "the biggest madness of crowds" in world history. Schiff has predicted that Bitcoin holders will end up facing "staggering losses." "This is likely the biggest misallocation of resources in human history. Not only will the net losses to society be staggering, but Bitcoin itself will do more to tarnish the reputation of libertarian capitalism and the concept of sound money than any failed government program ever has," Schiff said.