- Bitcoin’s market cap reaches $1.859 trillion, surpassing silver’s $1.845 trillion.
- The price of BTC jumped 6.12% to $93,630 as the crypto market cap approaches $3 trillion.
- BTC now ranks behind only gold and other tech giants in global asset rankings.
Bitcoin has made history, flipping silver to become the world’s sixth most valuable asset. With a market capitalization of $1.859 trillion, Bitcoin has officially surpassed silver’s $1.845 trillion valuation, marking a turning point in the global financial landscape.
This significant milestone follows Bitcoin reclaiming the $93,000 benchmark with a decent 6.12% increase in the past 24 hours. As of press time, the cryptocurrency is trading at $93,870 based on CoinMarketCap data. The overall cryptocurrency market itself has been strong, with the total capitalization standing at $2.93 trillion, surging 6.65% from the previous day.
The rise of Bitcoin over silver in the asset rankings is more than just a number. It represents how the shift has been perceived. Although silver has served as a store of value and medium of exchange for over 5,000 years of human civilization, Bitcoin, launched in 2009, surpassed this millennia-old precious metal in total market value.
Will Bitcoin Reach the No.1 Spot?
The current asset rankings place Bitcoin in elite company as gold remains firmly in the top position with a massive $22.253 trillion market cap, despite facing a 3.09% decline in the past day. Lining behind gold is Apple ($3 trillion), Microsoft ($2.726 trillion), NVIDIA ($2.412 trillion), and Alphabet/Google ($1.859 trillion. Notably, if Bitcoin maintains the trend, it can put Alphabet in the fifth spot.
The surge beyond silver happens when conventional financial institutions and corporate treasuries continue to increase their exposure to Bitcoin. Further, the popularity and success of spot Bitcoin ETFs in the United States this year have made it simple for institutional investors to access Bitcoin, contributing to the price increase and market capitalization of Bitcoin.
While silver still derives value from industry applications and investments, Bitcoin’s worth is derived from individuals using it as a virtual means to store value and expand its applications in the world’s financial system. The value of Bitcoin increasing beyond silver may also reflect younger investors being more attracted to digital assets than conventional methods of storage.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
