Silver has made a remarkable recovery against Bitcoin this year, surpassing the cryptocurrency as the eighth-largest asset by market cap after losing its position in March.
Since Bitcoin reached a record high of $73,737 on March 14, silver has rallied 33.4%, while Bitcoin has retraced 9.5%, according to CoinGecko. As a result, silver’s market cap now stands at $1.83 trillion, which is $500 billion more than Bitcoin’s current market cap of $1.31 trillion, according to Companies Market Cap. This means that Bitcoin would need to rally 40% to $93,000 in order to surpass silver’s market cap.
Bitcoin currently holds the ninth position among the world’s largest assets by market cap, trailing behind gold, Microsoft, Apple, Nvidia, Google, Saudi Aramco, Amazon, and silver. Gold has also performed well, increasing by 22.4% since February 13 and currently boasting a market cap of $16.4 trillion, according to Trading Economics.
Industry experts have had different opinions on how Bitcoin’s price would move after reaching a new all-time high in March. Bitcoin analyst Dylan LeClair has noted that Bitcoin tends to double within months of reaching new highs, especially around halving events. However, given that Bitcoin now has a significantly higher market cap than it did in previous years, it may be more challenging to achieve such a feat.
Mike Novogratz, founder and CEO of Galaxy Digital, believes Bitcoin will remain in a consolidation phase between $55,000 and $75,000 over the next month, with the potential for a rise towards the end of the second quarter. Analysts at Bitfinex, a cryptocurrency trading platform, predict that Bitcoin could reach $150,000 in the next 12 months. Many experts have attributed these high predictions to the introduction of spot Bitcoin exchange-traded funds and the post-halving effect.
Bitcoin’s market sentiment score is currently 70 out of 100, indicating a “Greed” zone in the Crypto Fear and Greed Index.
In conclusion, silver has made an impressive comeback against Bitcoin, overtaking it in terms of market cap. While Bitcoin continues to hold a strong position among the world’s largest assets, its future price movements remain uncertain.