Silver’s market cap has surged past $500 billion, overtaking Bitcoin, which had flipped the precious metal just two months ago. Silver has made a strong comeback in 2024, reclaiming its position as the eighth-largest asset by market cap after losing it in March.
Since Bitcoin reached a record high of $73,737 on March 14, silver has rallied 33.4%, while Bitcoin has retraced by 9.5%, according to CoinGecko. As a result, silver’s market cap now stands at $1.83 trillion, $500 billion more than Bitcoin’s $1.31 trillion, according to Companies Market Cap. This means Bitcoin would need to rally 40% to $93,000 to surpass silver’s current market cap, assuming other factors remain constant.
Bitcoin is currently the world’s ninth-largest asset, trailing gold, Microsoft, Apple, Nvidia, Google, Saudi Aramco, Amazon, and silver. Gold, meanwhile, has increased 22.4% since February 13 and now boasts a market cap of $16.4 trillion, according to Trading Economics.
Industry experts are divided on Bitcoin’s future price movements after its new all-time high in March. Bitcoin analyst Dylan LeClair previously noted that Bitcoin often doubles within months of reaching new highs, especially around halving events. However, Bitcoin’s significantly higher market cap now compared to 2020, 2016, and 2012 makes this more challenging.
Galaxy Digital founder and CEO Mike Novogratz predicts Bitcoin will remain in a “consolidation phase” between $55,000 and $75,000 over the next month, potentially rising toward the end of the second quarter. Analysts at cryptocurrency trading platform Bitfinex forecast Bitcoin could reach $150,000 over the next 12 months, citing the impact of spot Bitcoin exchange-traded funds and the post-halving effect as major drivers behind these high predictions.
Currently, Bitcoin’s market sentiment score is 70 out of 100, placing it firmly in the “Greed” zone of the Crypto Fear and Greed Index.
