This year, silver has made a remarkable recovery against Bitcoin (BTC), reclaiming its status as the 8th largest asset by market capitalization after having lost its position in March. The world’s second most valuable metal surged by 33.4% since Bitcoin peaked at a record value of $73,737 on March 14, whereas Bitcoin has decreased by 9.5%, according to data from CoinGecko.
Now, silver boasts a market value of $1.83 trillion, surpassing Bitcoin’s market capitalization of $1.31 trillion by $500 billion. This implies that Bitcoin would need to rally by 40% to reach $93,000 just to match silver’s current market cap, assuming all other factors remain constant. At present, Bitcoin ranks as the ninth largest asset globally, behind gold, Microsoft, Apple, Nvidia, Google, Saudi Aramco, Amazon, and silver.
The precious metal gold has also seen significant performance gains, climbing by 22.4% since February 13, according to Trading Economics. Gold currently commands a substantial market cap of $16.4 trillion, positioning it well ahead of other assets including silver and Bitcoin.
Opinions in the industry were mixed regarding Bitcoin’s price trajectory following its new all-time high recorded in March. Bitcoin analyst Dylan LeClair highlighted that Bitcoin typically doubles within months after setting new highs, especially around its halving events. Given Bitcoin’s substantially larger market cap now compared to previous halving events in 2020, 2016, and 2012, achieving such rapid growth poses a greater challenge.
Mike Novogratz, the founder and CEO of Galaxy Digital, suggested that Bitcoin will likely remain in a “consolidation phase” between $55,000 and $75,000 for the next month, with potential for an uptick towards the end of the second quarter. Analysts at the cryptocurrency trading platform Bitfinex have made more optimistic projections, forecasting that Bitcoin could hit $150,000 over the next year.
Several industry experts are identifying key factors driving these lofty predictions, particularly focusing on the introduction of spot Bitcoin exchange-traded funds (ETFs) and the impact of post-halving events. These components are anticipated to play crucial roles in driving Bitcoin’s price higher.
Bitcoin’s current market sentiment, as measured by the Crypto Fear & Greed Index, stands at 70 out of a possible 100. This score indicates a “Greed” sentiment among investors. The sentiment index is often used to gauge market mood and can sometimes predict movements based on prevailing investor emotions.
Silver has made significant strides in reclaiming its position among the top assets by market capitalization, while gold has continued to stand out with strong performance. Bitcoin, despite facing some retracement and mixed predictions from experts, remains a formidable asset with a large market cap and potential for future growth, influenced by various market factors and events.
Silver’s recovery isn’t remarkable; it’s just a blip. BTC holds the real potential for groundbreaking profits. 🤷♂️
Silver may have its moment now, but Bitcoins fundamentals are stronger. This is just a phase.
Honestly, the hype around silver is tiresome. Metals will never offer the same long-term growth potential as Bitcoin.
It’s frustrating to see silver getting so much credit when Bitcoins potential is much more significant.
Silver regaining its 8th spot is just phenomenal! Here’s to more growth and stability in the market.
Great news for silver enthusiasts! A 33.4% increase is nothing short of remarkable!
Silver’s performance is incredible this year! A 33.4% increase is truly impressive.
Silver’s incredible climb is a testament to its enduring value and importance in the market. Well done, silver! 🌟