Key Takeaways
- Bitcoin has surpassed silver to become the eighth-largest asset in terms of market capitalization globally.
- Bitcoin surged over $71,000 and has propelled its market capitalization to over $1.414 trillion, outpacing silver’s market cap of approximately $1.386 trillion.
- With silver surpassed, Bitcoin now sets its sights on even larger targets. It aims to surpass Alphabet, the parent company of Google, which boasts a market cap of $1.688 trillion.
Bitcoin (BTC) continues its historic bull run, reaching new all-time highs in price and market capitalization. Recently, the world’s leading cryptocurrency surpassed silver to become the eighth-largest asset in the world. This new milestone highlights Bitcoin’s growing acceptance and increasing influence in the financial landscape.
Price Surge Fuels Market Cap Growth
On Monday, March 10th, Bitcoin broke through the $71,000 mark, setting a new all-time high. This price increase significantly boosted its market capitalization, which now sits at over $1.414 trillion, according to CompaniesMarketCap data. Silver, on the other hand, has a market cap of roughly $1.386 trillion.
Analysts See Growing Institutional Interest
Several factors are contributing to Bitcoin’s current momentum. The approval of nearly a dozen Bitcoin spot ETFs by the US Securities and Exchange Commission (SEC) last January 10th is seen as a major turning point. These exchange-traded funds allow traditional investors to gain exposure to Bitcoin without directly owning the cryptocurrency, leading to a surge in demand. Additionally, analysts believe there’s growing institutional interest in Bitcoin as a hedge against inflation and a potential store of value.
Bitcoin Eyes Even Bigger Targets
With silver in the rearview mirror, Bitcoin now sets its sights on even bigger targets. Alphabet, the parent company of Google, boasts a market cap of $1.688 trillion, placing it just ahead of Bitcoin. Analysts believe Bitcoin has the potential to surpass Alphabet soon, with some even predicting a challenge to established tech giants like Amazon and Meta (formerly Facebook) further down the line.
