According to Companies Market Cap, Bitcoin has now surpassed Silver, the second-biggest commodity in value. Bitcoin is now the eighth-largest financial asset beating Silver and Facebook (Meta) in the financial asset top ten list.
Bitcoin’s bull run continues with full force as the asset broke above $71,000 earlier today and tapped a new all-time high at almost $72,000.
This new Bitcoin price means its price has gained over 6o% since the start of the year and its total market cap has increased to over $1.4 trillion for the first time. The new market cap now places Bitcoin as the 8th-largest financial asset.
BTC is now bigger than silver
Bitcoin with a new market capitalization of $1.4 trillion is currently more valuable than silver, the second biggest commodity which currently has a market cap of $1.381 trillion.
This was not always the case as Bitcoin price was as far back as March 11, 2023, hovering between the range of $20,000 to $30,000. The Naysayers criticized it saying that it had failed to serve as a hedge against inflation.
In the following months, Bitcoin continued to gain traction but the real game changer happened in June when Blackrock, the world’s largest Asset Manager and also the most powerful financial organization in the world filed to launch a spot Bitcoin exchange-traded fund (ETF).
This move was perceived as an endorsement by the Crypto world and the hype that followed helped push Bitcoin Price Northwards.
in January 2024, the SEC indeed approved nearly a dozen Bitcoin ETFs and the massive demand for them propelled more price gains for Bitcoin.
This upward surge in Bitcoin price reached a new height last week when the asset broke its 2021 all-time high for the first time. The price today is currently at $72, 271 as of the time of filing this report.
Consequently, Bitcoin’s market capitalization has increased to a record of its own at over $1.4 trillion. This means that Bitcoin has now become the 8th largest global financial asset outranking Silver, the second biggest commodity, and Facebook (Meta).
What you need to know
- It took BTC less than two weeks to surpass Silver and Meta in the world’s largest financial asset top ten list. This came after Bitcoin surpassed Warren Buffets Berkshire Hathaway while its price was still at $60,000.
- Blackrock’s Bitcoin exchange-traded fund is called iShares Bitcoin Trust (IBIT) and it gives customers a convenient, cost-effective, and secure direct investment in Bitcoin through the familiarity of an exchange-traded fund.
- An exchange-traded fund in crypto offers a way to gain exposure to cryptocurrencies without buying and storing the digital assets yourself. A crypto futures ETF tracks cryptocurrency prices by investing in futures contracts, rather than cryptocurrency itself.
