Silver has made a remarkable resurgence against Bitcoin (BTC) this year, reclaiming its position as the 8th largest asset by market cap after losing ground in March.
Since Bitcoin hit a record high of $73,737 on March 14, silver has surged by 33.4%, while Bitcoin has retraced by 9.5%, according to data from CoinGecko.
As a consequence, Silver’s market cap has reached $1.83 trillion, surpassing Bitcoin’s by $500 billion, currently at $1.31 trillion, as reported by Companies Market Cap. This implies that Bitcoin would need to rally by 40% to $93,000 to surpass Silver’s current market cap, assuming all other factors remain constant.
At present, Bitcoin ranks as the ninth largest asset globally, trailing behind gold, Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), Google (GOOG), Saudi Aramco (2222.SR), and Amazon (AMZN).
Gold has also showcased its strength, with a 22.4% increase since February 13, boasting a market cap of $16.4 trillion.
Opinions among industry experts vary regarding Bitcoin’s future price action following its new all-time high in March.
Bitcoin analyst Dylan LeClair has previously observed that Bitcoin tends to double in value within months of reaching new highs, especially around halving events. However, the significantly higher market cap of Bitcoin compared to previous years makes achieving such a feat more challenging.
Mike Novogratz, founder and CEO of Galaxy Digital, predicts that Bitcoin will remain in a “consolidation phase” between $55,000 and $75,000 over the next month, potentially seeing a rise toward the end of the second quarter.
Analysts at cryptocurrency trading platform Bitfinex anticipate that Bitcoin could reach $150,000 within the next 12 months.
Many industry observers attribute these lofty predictions to the introduction of spot Bitcoin exchange-traded funds and the post-halving effect.
May 2024, Cryptoniteuae
