Bitcoin Overtakes Silver: Soars to 8th Place in Global Asset Market Cap

Bitcoin’s recent surge in price to $71,000 has propelled it to surpass silver in terms of market capitalization, solidifying its position as the eighth-largest asset globally.

The data as published by CompaniesMarketCap revealed that Gold still maintained its number one spot closely followed by Microsoft and Apple. Bitcoins climb to eighth position over Silver however marked a milestone for crypto assets.

Bitcoin Market Capitalization Surpasses Silver

With Bitcoin’s market capitalization now standing at $1.4 trillion, it surpasses that of silver, which holds a market cap of $1.3 trillion. Despite this milestone, Bitcoin still trails behind Amazon and Alphabet. The Google-owned Alphabet market cap sits at $1.6 trillion. The asset with the largest market cap remains gold, towering at $14.66 trillion.

Implications of BTC’s Rise on Traditional Markets

Bill Ackman, the founder and CEO of Pershing Square Capital Management, predicted that a rise in Bitcoin’s price could stimulate increased mining efforts, potentially resulting in a depreciation of the dollar and consequently, an upsurge in Bitcoin demand. Should this forecast prove accurate, Bitcoin’s value could ascend even higher in asset rankings.

Only last year, Robert Kiyosaki, the author of “Rich Dad Poor Dad,” advised investors to prioritize expanding their Bitcoin holdings over acquiring conventional assets.

Bitcoin Exchange-Traded Funds (ETFs) Impact

The latest price increase for Bitcoin, which rose by approximately 2.4% in the past 24 hours, brought its price to $71,621 in another all-time-high achievement for the asset. Bitcoin has maintained an overall bullish trend this year ahead of the halving event expected next month.

Moreover, this surge in Bitcoin’s price follows a successful period for spot Bitcoin exchange-traded funds (ETFs). BitMEX Research data indicates that the total net inflow into spot Bitcoin ETFs since January 11 has reached $9.59 billion.

Considering Bitcoin’s recent performance, Cathie Wood, CEO of ARK Invest, revised her outlook on the cryptocurrency’s future, suggesting that it could reach $1 million much earlier than the previously anticipated year of 2030.

The BlackRock Dominance

Among these ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as a frontrunner since its launch in January. IBIT witnessed record daily inflows of $788.3 million on Wednesday, coinciding with Bitcoin’s new all-time high above $69,000.

Meanwhile, the GM 30 Index, which represents a curated selection of the top 30 cryptocurrencies, has experienced a notable increase of 1.89%, reaching a value of 156.28 in the past 24 hours.

As the cryptocurrency market continues to evolve, Bitcoin’s performance and market capitalization remain key indicators of its trajectory and influence on the broader financial space.