The world’s largest and most popular cryptocurrency, Bitcoin, has seen its market capitalization rise to $1.77 trillion, surpassing that of Silver.
This marks the second time in 2024 that Bitcoin has overtaken silver, which currently holds a market cap of $1.7 trillion. Silver has witnessed a decline of 6.24% over the past week, while Bitcoin went up by 30% over the same period.
The digital asset, which rallied close to the $90,000 mark, witnessed a significant surge in its market cap, extending its dominance over other altcoins. Likewise, the asset’s rising price level has positively impacted other altcoins. Ethereum, the biggest altcoin, saw its price surge by 2.8% in the last 24 hours, currently trading at $3153.58 at the time of writing this report.
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Notably, Bitcoin’s recent gains have also seen it ranked as the 8th most valuable asset in the world. The digital asset now trails behind seven top global assets, which include; Gold, with a $14.7 trillion market cap, followed by tech giants NVIDIA, Apple, Microsoft, Alphabet, Amazon, and petroleum refinery company Saudi Aramco.
Bitcoin’s market cap also exceeded those of major companies like Meta Platforms ($1.472 trillion), Tesla ($1.123 trillion), and even Warren Buffett’s Berkshire Hathaway ($1.007 trillion). The cryptocurrency rise has been fueled by optimism surrounding Donald Trump’s presidential election victory and expectations of a crypto-friendly administration.
Since then, Bitcoin has smashed its All-time high of several months surging to new heights, and is now shockingly away from $90,000. However, before the post-election rally, Bitcoin posted notable gains over the past year or so. Much of the credit goes to the early success of a new way to invest in the asset: spot bitcoin ETFs, which were approved by U.S. regulators in January. Inflows into spot ETFs, or exchange-traded funds, have been the dominant driver of Bitcoin returns for some time and are expected to continue in the near term.
In general, the prediction around Bitcoin has been upbeat, with many expecting prices to keep rising. The increasing number of Bitcoin ETFs and Bitcoin’s growing market value reflect this optimism.
A surge in Bitcoin has paused as traders assess the remaining market impact of President-elect Donald Trump’s rhetorical support for crypto. The token fell back to $86,550 as of 6:30 a.m. Wednesday in London.
However, several crypto experts have shared their predictions about Bitcoin’s possible future direction. ARK Invest’s Cathie Wood has an optimistic outlook, saying that Bitcoin could one day hit $3.8 million, particularly with rising institutional investment through ETFs.
Analysts at LMAX Group suggest Bitcoin could possibly reach $100,000 by the end of 2024, citing ongoing interest and favorable market trends. Also, MarketWatch reports that Bitcoin options traders are expecting a significant rally, possibly reaching $100,000 by year-end, fueled by positive sentiment and political factors.