Cryptocurrency Bitcoin has climbed up the ranks to become the world's eighth most valuable asset by market capitalisation, surpassing silver, CoinDesk reported.
The world's largest cryptocurrency reached an all-time high valuation of over $72,000 during the morning hours of US trading on March 11, leading to a market cap of $1.42 trillion. This has now placed it ahead of silver (valued at $1.387 trillion), according to CompaniesMarketCap.
Outperforming Meta and Aiming Higher
During its historic bull run, Bitcoin had already exceeded the market cap of Meta, now valued at $1.2 trillion. The next target in Bitcoin's ascent is Alphabet, the parent company of Google, currently valued just below $1.7 trillion, the CoinDesk report said.
It noted that Bitcoin enthusiasts are setting their sights on gold, the world's most valuable asset with a market cap of $14.7 trillion. Achieving this milestone would require Bitcoin to increase more than tenfold, surpassing $720,000 per token.
Record High Amidst Capital Influx and Supply Reduction
Bitcoin has continued its unprecedented surge, driven by a substantial influx of capital into crypto products and the imminent reduction in the digital token's supply growth, as per a Bloomberg report.
It achieved an all-time peak of nearly $72,881 on March 11 and maintained a robust position at $72,165 as of 11:25 a.m. in Singapore on March 12. A recent report by CoinShares International revealed a record $2.7 billion inflow into crypto assets last week, with a significant portion directed towards Bitcoin. Both the token and a gauge of the largest 100 coins have seen a remarkable 70 percent increase in value this year.
Key Drivers of Momentum
The success of spot Bitcoin exchange-traded funds (ETFs) launched in the United States on January 11 has been a pivotal factor in driving recent momentum, the Bloomberg report added. ETFs from BlackRock Inc. and Fidelity Investments, with a combined net inflow of approximately $9.5 billion, have played a crucial role.
In the UK, the London Stock Exchange (LSE) announced its acceptance of applications for Bitcoin and Ether exchange-traded notes, while Thailand's securities regulator signalled the opening of overseas crypto ETFs to retail buyers.
"We are witnessing institutional adoption in the US," stated Ophelia Snyder, co-founder, and president of 21Shares, on Bloomberg Television. She added, "It's quite early still. Not all institutions, not all wirehouses, have access to it."
Rise in "Millionaire Wallets"
Bitcoin's rally is creating around 1,500 new "millionaire wallets" daily, as reported by crypto analytics firm Kaiko Research. However, the exact ownership distribution between individuals and companies is challenging to determine based on blockchain data. This daily creation rate is lower than during the 2021 bull run when over 4,000 wallets per day reached the million-dollar mark.
Next month, Bitcoin is set to undergo a significant event known as the halving, which involves cutting the supply of new Bitcoin in half. The combination of ETF demand, limited supply, and expectations of looser monetary policy contributes to bullish sentiment in the crypto market, overshadowing memories of the challenging 2022 bear market.
(With inputs from Bloomberg)
First Published:
12 Mar 2024, 11:29 AM IST
FAQs
Simultaneously, its market capitalisation has reached $1.414 trillion, surpassing that of silver to become the eighth most valuable asset in the world. On March 12, the largest cryptocurrency by value reached an all-time high of over $72,850, and as of 4:34 p.m. IST, it was trading at $72,160.
Did Bitcoin surpass silver? ›
Cryptocurrency Bitcoin has climbed up the ranks to become the world's eighth most valuable asset by market capitalisation, surpassing silver, CoinDesk reported.
How much would a Bitcoin surpass gold market cap? ›
The total amount of above-ground gold reserves is valued at around $16 trillion. So, if Scaramucci is correct and Bitcoin reaches a market cap of $16 trillion, a single BTC could be worth more than $800,000. This is an increase of over 1,100%.
How high can Bitcoin market cap go? ›
“I think it's very reasonable to see bitcoin in that $50 trillion to $150 trillion market cap size in its final existence if bitcoin succeeds as a global reserve currency, or gold 2.0,” Held said during CoinDesk's virtual Bitcoin for Advisors event.
What is the most expensive asset in the world? ›
Gold is the world's most valuable asset, ahead of the stock of any corporation.
Is silver better than Bitcoin? ›
Where the price of silver generally comes with relatively low volatility, Bitcoin is actually much more volatile. Just like with silver, you can buy "real" Bitcoin. This is possible through cryptocurrency platforms such as Bybit, Kraken, OKX, or Binance.
What crypto is backed by silver? ›
KAG is a digital asset backed by an equal amount of 1 ounce of fully allocated, fine silver bullion. Holders of Kinesis silver are offered the security of ownership on an asset that has held its value throughout history.
What is the market cap of silver? ›
Estimated Market Cap: $1.731 T
The Market Capitalization of Silver is currently arround $1.731 T.
Could Bitcoin be worth more than gold? ›
Regarding market price, Bitcoin has been much higher than gold for some time but is much more volatile. Gold has more use cases, while Bitcoin is limited to financial instruments and services only. Whether Bitcoin will replace gold is a subjective argument.
Can Bitcoin beat gold market cap? ›
Conclusion. In conclusion, while Bitcoin's current market cap represents only a fraction of gold's, Bitcoin's potential to surpass gold cannot be dismissed. With its scarcity, growing adoption, and increasing institutional interest, Bitcoin is likely to continue its ascent in the financial world.
If Wood is correct and Bitcoin does reach $3.8 million by 2030, an investment of $1,000 would be worth over $60,000. This would result in a compound annual growth rate (CAGR) of over 100%.
Can Bitcoin reach $100,000? ›
Additionally, increased market liquidity can drive investment, further supporting Bitcoin's price surge. Thakral believes that Bitcoin reaching $100,000 in 2024 is more feasible now than ever before due to several key factors.
Can Bitcoin reach 1 million? ›
Bitcoin could be headed for the stratosphere, according to a new report by Bernstein. The global investment firm is predicting that the world's top digital asset could hit $200,000 by 2025, $500,000 by 2029 and—no, you're not seeing things—$1 million per token by 2033.
What is the safest asset in the world? ›
Treasurys are generally considered "risk-free" since the federal government guarantees them and has never (yet) defaulted. These government bonds are often best for investors seeking a safe haven for their money, particularly during volatile market periods. They offer high liquidity due to an active secondary market.
What are the top 3 assets in the world? ›
The top 10 most valuable assets in the world by market capitalization are 1. Gold ($14.5 trillion) 2. Microsoft ($3 trillion) 3. Apple ($2.7 trillion) 4.
What is the #1 most expensive thing in the world? ›
The most expensive thing in the world is the History Supreme Yacht, with an astonishing value of $4.6 billion. Keep reading to learn more about 15 of the most expensive things in the world.
Which coin overtake Bitcoin? ›
Ethereum Price predictions. Ethereum (ETH-USD) has outperformed Bitcoin in every cycle since its inception, and I believe this cycle will be no different.
What was Bitcoin highest value sterling? ›
Bitcoin reached an all-time high of £57,639 per 1 BTC on 14 March 2024.
What coin is superior to Bitcoin? ›
9 top cryptocurrencies by year-to-date performance
| Coin name | Market cap | YTD return |
|---|
| TRON TRX | $13,027,228,625 | 39.44% |
| Bitcoin BTC | $1,139,954,729,560 | 36.52% |
| Solana SOL | $59,612,862,435 | 25.83% |
| XRP XRP | $31,422,670,443 | 9.17% |
5 more rowsSep 3, 2024
As of 2024, Bitcoin's highest price ever recorded is $73,844. However, the price has retreated pretty quickly due to the anticipation of Bitcoin halving (which happened on April 20, 2024) and several other factors.
