The market capitalization of Silver has surged past $500 billion, surpassing that of Bitcoin, despite the cryptocurrency overtaking the precious metal just two months prior.
In 2024, Silver has made an impressive resurgence against Bitcoin, reclaiming its position as the eighth-largest asset by market cap after briefly losing it in March. Since Bitcoin peaked at $73,737 on March 14th, Silver has surged by 33.4%, while Bitcoin has dipped by 9.5%, according to CoinGecko.
Consequently, Silver now boasts a market cap of $1.83 trillion, surpassing Bitcoin’s $1.31 trillion by $500 billion, according to Companies Market Cap. This means Bitcoin would need to rally by 40% to $93,000 in order to overtake Silver’s current market cap, assuming all other factors remain constant.
Gold has also shown remarkable performance, surging by 22.4% since February 13, as reported by Trading Economics. Its current market capitalization stands at $16.4 trillion.
Experts in the field had divergent opinions on the future movement of Bitcoin’s price after it hit a new all-time high in March.
Bitcoin analyst Dylan LeClair previously observed that Bitcoin typically experiences substantial growth within months of reaching new highs, especially around halving events. However, the significantly increased market capitalization of Bitcoin compared to 2020, 2016, and 2012 presents a challenge to achieving such rapid growth.
Mike Novogratz, the founder and CEO of Galaxy Digital, anticipates that Bitcoin will undergo a “consolidation phase” within the $55,000 to $75,000 range over the next month, with the possibility of a rise toward the end of the second quarter.
Analysts at the cryptocurrency trading platform Bitfinex forecast that Bitcoin could potentially reach $150,000 within the next 12 months.
Many experts have attributed these lofty predictions to factors such as the introduction of spot Bitcoin exchange-traded funds and the post-halving effect.
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