The recent price surge in Bitcoin has positioned it as the world’s eighth-largest asset, surpassing silver in market value. Bitcoin currently has a market capitalization of $1.4 trillion, while silver’s market cap is seen at only $1.3 trillion, according to CompaniesMarketCap data.
Cryptocurrency still lags behind Alphabet with a market capitalization of $1.6 trillion. The globally largest asset in terms of market value is still gold, with a magnitude of $14.66 trillion. Bitcoin’s price has risen approximately 2.4% in the last 24 hours, trading at $71,621 according to current data.
The increase in Bitcoin’s price comes after another successful week for spot Bitcoin exchange-traded funds (ETFs). According to BitMEX Research, the total net inflow into spot Bitcoin ETFs has been $9.59 billion since January 11.
BlackRock’s IBIT ETF Stands Out Further
BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), has been a leader in the ETF race since its launch in January. According to data, it increased its record daily inflows to $788.3 million on Wednesday following Bitcoin’s new all-time high above $69,000. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, rose 1.89% in the last 24 hours, reaching 156.28.
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