Bitcoin (BTC) market capitalization has overtaken silver following the coin’s surge to a new all-time high above $118,000.
According to Companies Market Cap, Bitcoin is now sitting in the sixth place among the world’s largest companies, metals, and digital assets, with a market cap of $2.34 trillion.
Silver follows at spot number seven, with $2.163 trillion in market capitalization.
Top assets by market cap:
Source: companiesmarketcap.comTech giants Google and Meta are behind BTC and silver, with $1.15 trillion and $1.79 trillion, respectively.
Notably, Bitcoin is currently close to entering the top five assets. It has a chance to overtake Amazon as well. The massive company has a market cap of $2.37 trillion, about $3 trillion more than BTC.
Meanwhile, gold still reigns supreme. The first place boasts a whopping market cap of $22.6 trillion.
NVIDIA is a distant second, recording $4 trillion. Microsoft and Apple follow, standing in the $3 trillion range.
Analysts have noted Bitcoin’s maturation and stability, especially for a volatile asset, during the ongoing turbulent period. Specifically, it saw significant institutional interest and was consolidating above $100,000 for days before surging to a new all-time high – all the while defying major macroeconomic uncertainty and global geopolitical tensions.
Per Petr Kozyakov, co-founder and CEO at Mercuryo, BTC surged past $118,000 “amid sustained institutional demand for the biggest cryptocurrency, which has been such a driving force in this current market cycle.”
He continues: “While altcoins are also in the green with Ethereum spiking past the $3,000 mark, the underlying ‘orange pill’ narrative remains steadfastly in place. Bitcoin’s growing status as a store of value is one that more and more big players and institutions are simply unable to ignore.”
‘We’re Only at Beginning of New Phase in This Market’
The crypto market has seen a significant surge. The market cap is up 2.8% in the last 24 hours to $3.76 trillion.
At the time of writing, BTC trades at $117,884. The coin hit a new all-time high of $118,667 earlier today. The current price is also a surge from the intraday low of $110,984. Also, it is up 9.1% in a week, 7.5% in a month, and 101% in a year.
Moreover, analysts and investors are waiting to see if BTC will surpass the $119,000 and $120,000 levels, which could propel it towards $130,000. Bitpanda’s Deputy CEO Lukas Enzersdorfer-Konrad argues that “we’re well on track to break through the $120,000 barrier.” Macroeconomic factors, record-high ETF inflows, and renewed confidence in digital assets drive the rally.
“The crypto market tends to move in cycles, evolving segment by segment and wave by wave. It’s very possible that we’re only at the beginning of a new phase in this market,” Enzersdorfer-Konrad says.
BTC is Now More in Demand Than Ever
Moreover, Nicolai Sondergaard, research analyst at Nansen, argued that this isn’t a macro-driven rally, but an isolated event. However, recent US policy developments, “such as fiscal expansion and expectations of further monetary easing, have created a backdrop that is undeniably favorable for Bitcoin.”
Also, he adds, we’re seeing growing institutional confidence in BTC as a balance sheet asset and strong, sustained inflows into BTC and ETH spot ETFs.
Additionally, Zondacrypto’s CEO Przemysław Kral commented that “Bitcoin’s latest ATH further cements its growing role in the global financial system,” now being “more in demand than ever.”
Factors increasing demand for Bitcoin include clearer and more favorable regulations, increased utility such as payments, and changing economic conditions, Kral says. Regulations such as the EU’s MiCA contributed significantly, he adds.
But, Kral warns, “with such hype comes the need for caution. No one knows whether the price will go up or down.”
James Harris, the newly appointed Group CEO of Tesseract, also notes that while “it was great to see Bitcoin decisively shatter its all-time highs” in USD terms, “they fall short versus EUR, GBP, or Gold (XAU).”
That said, the continued momentum has “BTC edging closer to those benchmarks as well,” Harris says.
The post Bitcoin Surpasses Silver, Becomes Sixth Largest Asset in the World appeared first on Cryptonews.
