Bitcoin’s surge to new ATH above $72,000 has placed its market cap above that of silver.
Bitcoin (BTC) has surpassed precious metal silver in terms of market capitalization. The digital asset achieved the remarkable milestone following a new all-time high (ATH) of $72,200 on Monday, March 11, representing a 2.62% increase over the last 24 hours.
BTC Overtake Silver In Market Cap
According to data from CompaniesMarketCap, Bitcoin currently has a market cap of over $1.4 trillion, which has enabled the asset to make its way into ranking #8 among the largest market caps globally. With this metric, BTC overtakes silver which currently stands at the ninth position with a market cap of over 1.3 trillion.
With the surge, Bitcoin positions itself higher than other popular companies like Visa, Tesla, MasterCard, JPMorgan Chase, Samsung, and Toyota. However, Gold takes the first position with other companies such as Gold, Microsoft, Apple, and Amazon also surpassing Bitcoin in market cap.
Bitcoin’s value started soaring significantly after reclaiming the $1 trillion market cap in February. Earlier this month, BTC held the ninth position with over $1.3 trillion market cap which propelled the asset to overtake Meta, the parent company of social networking platforms Facebook and Instagram.
Why is BTC Soaring?
The impressive increase in bitcoin’s market cap can be attributed to its recent price surge. According to data from CoinGecko, the asset has soared more than 50% since last month, 38% in the previous two weeks, and 11% over the past weeks.
The leading cryptocurrency has been on a steady upward trajectory since year following several factors such as the institutional inflows in US spot Bitcoin exchange-traded funds (ETFs), an investment vehicle that allows users to gain direct exposure to BTC.
Data from BitMEX Research shows that these funds have seen over $2.2 billion in inflows last week. As of March 8, BlackRock’s Bitcoin ETF had over $13.5 billion in assets under management.
Additionally, hopes that the Federal Reserve will cut rates in the coming months, and the incoming halving is expected to drive the BTC value even higher with some analysts predicting that the asset price might reach $200,000.
Bitcoins’ rise to surpass silver’s market cap truly reflects the evolving landscape of modern finance and the growing interest in cryptocurrency as a store of value.
