Silver and Gold have achieved significant milestones, reaching all-time highs and solidifying their positions as major assets in the financial market. Silver, in particular, has surpassed Bitcoin in terms of market capitalization, making it the eighth largest asset in the world.
The recent rally in commodities has been the talk of the traditional financial market system. Both Gold and Silver have reached new all-time highs against the US dollar. Silver, in particular, has hit an 11-year high, surpassing Bitcoin in terms of market capitalization.
While Gold has been on a spectacular rally since the beginning of the year, hitting a high of $2,450 per ounce this week, Silver has taken the spotlight as the world’s eighth largest asset by market capitalization, outshining Bitcoin. With a market capitalization of $1.83 trillion, Silver has exceeded Bitcoin’s market cap of $500 billion. It has experienced a surge of 33.4% since Bitcoin’s record high in mid-March.
With an impressive market cap of $1.83 trillion, Silver has overshadowed Bitcoin, which currently has a market cap of $1.31 trillion. This has made Silver a sanctuary for investors, especially as it weakens the US dollar and sees increasing demand from the renewable energy industry.
While the focus has been on Silver and Gold, attention inevitably turns to Bitcoin. Despite being behind Silver in terms of market cap, Bitcoin remains a strong contender and a potential threat. Analysts are closely watching Bitcoin’s price movement, hoping for a rally.
Some analysts speculate that Bitcoin could surpass Silver in market cap, but projections suggest that Bitcoin needs to rally by 40% to reach the $93,000 trading mark. Bitcoin’s price has always been a subject of scrutiny and debate among investors and analysts. While it has shown the tendency to double in price after significant events like the Bitcoin halving, its slow growth in market cap has hindered its ability to replicate previous milestones.
Despite the challenges facing Bitcoin, there is still belief in its untapped potential. Investor and CEO of Galaxy Digital, Mike Novogratz, is among those who believe that Bitcoin is poised for a rise, especially towards the end of Q2. The introduction of Spot Bitcoin ETFs and the impact of the Bitcoin halving are seen as key catalysts for Bitcoin’s potential to lead the financial monetary system.
