--- title: "Bitcoin soars: hits $93k and surpasses silver in market cap" description: "Bitcoin breaks records as BlackRock’s ETF surges, Trump’s political future takes\nshape. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### Bitcoin soars: hits $93k and surpasses silver in market cap Bitcoin breaks records as BlackRock’s ETF surges, Trump’s political future takes shape. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 11/18/2024** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](https://blog.syzgroup.com/hubfs/Syz-Feature_WeekIn7Charts_241118.pdf?hsLang=en) - - - - #### Chart #1 — ## **Bitcoin’s market capitalisation surpasses silver’s** What a week for bitcoin, flying from record to record with a mid-week high of $93,000. The largest cryptocurrency is now the world's 8th largest asset in terms of market capitalisation, surpassing silver at $1.74 trillion. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Nov-18-2024-03-42-26-3542-PM.png?width=1004&height=573&name=image-png-Nov-18-2024-03-42-26-3542-PM.png) *Source : ww.companiesmarketcap.com* --- #### Chart #2 — ## **Blackrock's bitcoin ETF is a phenomenal success** Back in 2017, Blackrock Chairman Larry Fink was highly sceptical of cryptocurrencies, at one point calling bitcoin an “index of money laundering”. He has since categorically changed his mind, declaring in 2023 that bitcoin could revolutionise finance. In the 1st quarter of this year, Blackrock obtained SEC approval in the USA to launch their first ETF (exchange-traded fund) on bitcoin. This ETF is breaking all records in terms of fundraising, reaching $40 billion in assets under management in record time. This is the most successful ETF of all time in terms of the speed with which it has reached this level of assets under management. The chart below compares the evolution of assets under management of Blackrock's iShares Bitcoin ETF (IBIT in orange) with other highly successful ETFs (Vanguard S&P 500, iShares Core MSCI EAFE ETF and iShares Core MSCI Emerging Markets ETF). *![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Nov-18-2024-03-43-46-8901-PM.png?width=866&height=579&name=image-png-Nov-18-2024-03-43-46-8901-PM.png)* *Source: Bloomberg Intelligence* --- #### Chart #3 — ## **Pharmaceutical companies commercialising and developing vaccines plunge in the stock market after the nomination of Robert Kennedy Jr to the Department of Health**   Donald Trump announced on 14November that he was appointing Robert F. Kennedy Jr, a former vaccine-sceptic lawyer known for propagating conspiracy theories, as Secretary of Health. Over the past 4 weeks, some pharmaceutical stocks have plummeted as markets began to anticipate such a nomination. The official announcement of his appointment only accelerated the fall. Over one month, Moderna fell by -30.6%, Novavax by -42.7% and BioNTech by -11.9%, as investors feared a radical change in US healthcare policy. RFK Jr, who has questioned traditional medical practices and pledged to streamline the FDA, says he will refocus health agencies on nutrition and the fight against chronic diseases. President Trump, meanwhile, has declared, “For too long, Americans have been crushed by the industrial food complex and drug companies.” *![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Nov-18-2024-03-44-52-7848-PM.png?width=1004&height=724&name=image-png-Nov-18-2024-03-44-52-7848-PM.png)Source: @Breaking911 NBC, Mario Nawfal* --- #### Chart #4 — ## **American exceptionalism** The United States now represents 74% of the global MSCI market capitalisation, marking a new historical record. *![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Nov-18-2024-03-45-40-6766-PM.png?width=1004&height=708&name=image-png-Nov-18-2024-03-45-40-6766-PM.png)Source: SocGen* --- #### Chart #5 — ## **Has the US Federal Reserve cut its key rates too soon?**   The U.S. inflation report for October aligned with consensus expectations. The 12-month CPI accelerated to 2.6% in October, up from 2.4% in September. Core CPI (excluding energy and food) remained steady at 3.3%. The housing price index rose by +4.9% year-on-year, while transportation prices stabilised at +8.2%. Wage and rent inflation remain stubbornly high, keeping service price increases difficult to slow. Since the 50-basis-point rate cut in September, the Federal Reserve now faces a unique set of challenges: 1. China is stimulating its economy through fiscal and monetary measures. 2. The new U.S. administration is pushing for economic growth through tax cuts and infrastructure spending, leading to increased debt and inflationary pressures. 3. Additional tariffs and reduced immigration are also expected to fuel inflation further. What could this mean for long-term bond yields in the coming months? *![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Nov-18-2024-03-47-40-4221-PM.png?width=1004&height=551&name=image-png-Nov-18-2024-03-47-40-4221-PM.png)Source: Bloomberg* --- #### Chart #6 — ## **Many layoffs to come in the public sector?** President-elect Donald Trump announced on12 November , his plan to appoint Elon Musk, CEO of Tesla, SpaceX, and X, alongside Republican businessman Vivek Ramaswamy, to head a newly created Ministry of Government Efficiency. “Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” he declared. The U.S. government currently employs approximately 23,470,000 workers following a hiring spree before the presidential election. If Musk applied the same 80% layoff rate as he did at Twitter/X, 18,776,000 public sector employees would lose their jobs…. - a figure that is, of course, unrealistic. *![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Nov-18-2024-03-48-36-2948-PM.png?width=1004&height=623&name=image-png-Nov-18-2024-03-48-36-2948-PM.png)Source: Bloomberg, [www.zerohedge.com](http://www.zerohedge.com)*   --- #### Chart #7 — ## **The size of the African continent in perspective**   The size and diversity of Africa is amazing! It's essential to recognise that the continent encompasses a vast array of economies and social landscapes, from the most industrialised economies like South Africa (GDP per capita of around $7,000) to middle-income countries like Morocco and Egypt. On the other side of the spectrum, nations like Burundi (with one of the lowest per capita GDPs, around $250) highlight the profound economic disparities. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Nov-18-2024-03-49-39-2842-PM.png?width=1004&height=1081&name=image-png-Nov-18-2024-03-49-39-2842-PM.png) *Source: Commodity Trading Club* --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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