Silver Outperforms Bitcoin, Reclaims Spot as 8th Largest Asset by Market Cap
Summary:
Silver has reclaimed its place as the 8th largest asset by market cap, surpassing Bitcoin which fell by 9.5% since reaching a record high in March, while silver rallied by 33.4%. Experts predict Bitcoin's consolidation phase will continue, possibly rising by the end of Q2. Despite conflicting opinions, some analysts predict Bitcoin could reach $150,000 within a year, citing potential spot market Bitcoin exchange-traded funds and the post-halving impact. Presently, Bitcoin's market sentiment score is 70 out of 100, translating to 'Greed' on the Crypto Fear & Greed Index.
In an impressive turnaround, silver has outperformed Bitcoin (BTC) this year, reclaiming its standing as the eighth largest asset by market cap—an honor it lost in March. Since BTC touched a record of $73,737 on March 14, silver has climbed by 33.4% versus Bitcoin's 9.5% drop as per CoinGecko's data. As of today, silver's market cap stands at $1.83 trillion, a massive $500 billion ahead of Bitcoin, which sits at $1.31 trillion as stated by Companies Market Cap. To surpass silver's market cap—assuming all else stays the same—Bitcoin would need to jump 40% to touch $93,000.
In terms of the world’s largest assets by market cap, Bitcoin comes ninth, following gold, Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), Google (GOOG), Saudi Aramco (2222.SR), Amazon (AMZN), and of course, silver.
Gold too has had a noteworthy performance, soaring by 22.4% since February 13, based on data from Trading Economics. Its market cap currently sits at a substantial $16.4 trillion.
Opinions among industry experts are divided regarding the trajectory of Bitcoin's price after it hit a record high in March. Analyst Dylan LeClair observed that Bitcoin often manages to double in value within months of breaching new peaks—especially during halving events. However, BTC's significantly larger market cap compared to its size in 2020, 2016, and 2012 could present a tougher challenge in achieving this feat.
Mike Novogratz, founder and CEO of Galaxy Digital, predicts Bitcoin will hover within the range of $55,000 to $75,000 in the coming months before possibly climbing upwards toward the end of Q2.
Meanwhile, analysts at the cryptocurrency trading platform Bitfinex believe Bitcoin could surge to $150,000 over the the next year. Reasons cited for these bullish predictions include potential spot market Bitcoin exchange-traded funds and the post-halving impact.
At the moment, Bitcoin's market sentiment score stands at a solid 70 out of 100, translating to 'Greed' on the Crypto Fear & Greed Index.
Published At
5/20/2024 8:03:13 AM
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