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Bitcoin’s ascent past the $72,000 mark has elevated its market capitalization beyond the combined worth of all the world’s silver. The cryptocurrency has seen a 52.7% increase in value relative to the U.S. dollar over the past month, with 41.1% of this uptick occurring within a mere two weeks.
Bitcoin Retakes the 8th Largest Asset Worldwide by Market Cap
As of Monday, March 11, 2024, bitcoin (BTC) achieved a new zenith, hitting $72,372 per coin, establishing a fresh peak in its price history. This price milestone has catapulted BTC to become the world’s eighth-largest asset by market cap, overtaking silver’s total valuation.
Bitcoin’s market capitalization now floats around $1.41 trillion, slightly above silver’s market value of $1.38 trillion. In recent times, BTC has methodically surpassed the market capitalizations of leading global entities, including TSMC, Berkshire Hathaway, and Meta (previously known as Facebook).
However, bitcoin still trails behind gold, which boasts a market capitalization of $14.7 trillion. BTC now represents 9.59% of gold’s total market value. The leading digital currency is nearer to the market caps of Microsoft at $2.99 trillion and Apple at $2.67 trillion.
Back in Nov. 2021, when bitcoin reached its previous all-time high (ATH), it was ranked as the eighth largest market cap globally, yet it did not exceed silver’s market valuation at that juncture. Moreover, gold’s market cap was significantly lower in 2021, standing at $11.6 trillion compared to its current $14.7 trillion.
Market caps for both Microsoft and Apple were also less at that time. The future remains uncertain as to whether BTC will outdo its record and climb beyond the eighth position, as it currently aims to overtake Alphabet’s (Google) market cap of $1.712 trillion.
Among the top ten assets, excluding gold and silver, BTC stands out as the sole entity without the backing of a corporate structure, devoid of a company board, free from third-party control, and lacking any form of government support.
What do you think about bitcoin’s market valuation soaring past silver’s? Share your thoughts and opinions about this subject in the comments section below.