- Bullish momentum takes Bitcoin to a new all-time high.
- Bitcoin’s market cap now exceeds that of silver’s.
- BTC topping gold in the near term is highly improbable.
Bitcoin’s relentless bull run has reached stratospheric heights, with the cryptocurrency soaring to a new all-time high of $72,200 on March 11. This monumental rally has sparked a frenzy of enthusiasm across crypto markets, reinforcing Bitcoin’s status as the undisputed leader in the cryptocurrency space.
Buoyed by mounting institutional interest and increasing mainstream adoption, Bitcoin’s market capitalization has eclipsed the market cap of silver to claim the position of 8th most valuable asset; what’s more, given the strength of momentum carrying BTC at present, overtaking Google for the 7th spot is a real possibility.
Bitcoin’s Market Cap Valuation Overtakes Silver
Bitcoin’s stellar price performance has propelled its market cap to $1.406 trillion at the time of writing, taking it past silver, which stands at $1.389 trillion, to become the 8th most valuable asset globally, according to 8marketcap.com.
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What’s more, Bitcoin is setting itself up to leapfrog Google for the seventh most valuable asset. However, for BTC to equal Google’s valuation, its price would need to soar to around $87,400 per coin, which seems within the realm of possibility, given the cryptocurrency’s recent momentum.
However, Bitcoin maxis often tout the more challenging goal of topping gold, which holds a current mind-boggling market cap valuation of $14.703 trillion. For Bitcoin to reach parity with gold’s valuation, its price would need to skyrocket to around $748,000 per coin. This feat seems improbable, barring a cataclysmic rebalancing of the legacy financial system and triggering a flight to Bitcoin en masse.
Nonetheless, Bitcoin’s surpassing silver’s market cap has sparked lively discourse among crypto enthusiasts and pundits.
It’s Happening
Bitcoin surpassing silver’s market cap has sparked a flurry of reactions, including from investor “Jelle,” who celebrated the event with a resounding “welcome to the big leagues,” signaling Bitcoin’s official arrival as a major player in the global financial arena.
However, YouTuber Scott Melker coolly played down the significance of the milestone, quipping, “Probably something.” His nonchalant response belied the gravity of the situation, likely reflecting a belief that Bitcoin’s ascent is merely the beginning of a broader paradigm shift.
Meanwhile, the Crypto Signals X account hailed the market cap flip as a testament to the “evolving landscape of modern finance and the growing interest in cryptocurrency as a store of value.” This sentiment resonates with the increasing recognition of Bitcoin as a viable alternative to traditional safe-haven assets, challenging long-held beliefs around scarcity and value preservation.
On the Flipside
- Market cap rankings are highly changeable and may not necessarily reflect a long-term position.
- Bitcoin’s strong performance is fueled by institutional adoption via US BTC ETF products.
- While there is anecdotal evidence of retail FOMO, retail interest remains significantly below that seen in prior cycles, as evidenced by Google search volume.
Why This Matters
Bitcoin’s monumental rally past silver’s market cap signifies a profound paradigm shift. As BTC continues to defy skeptics and disrupt entrenched systems, it challenges our fundamental assumptions about value, scarcity, and the nature of money itself.
Learn more about Bitcoin’s rally to a new all-time high here:
Bitcoin Breaches $71K in Massive Rally to Fresh All-Time Highs
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