Silver has made a remarkable comeback against Bitcoin in 2024, surpassing the cryptocurrency to become the eighth-largest asset by market cap. Since Bitcoin reached a record high of $73,737 on March 14, silver has rallied 33.4%, while Bitcoin has retraced 9.5%. This has resulted in silver’s market cap of $1.83 trillion now being $500 billion higher than Bitcoin’s $1.31 trillion market cap, according to Companies Market Cap. To surpass silver’s market cap, Bitcoin would need to rally 40% to $93,000.
Currently, Bitcoin is the ninth-largest asset in the world, trailing behind gold, Microsoft, Apple, Nvidia, Google, Saudi Aramco, Amazon, and silver. Gold has also performed well, increasing by 22.4% since February 13 and currently having a market cap of $16.4 trillion.
There have been differing opinions among industry experts on how Bitcoin’s price will move after reaching a new all-time high in March. Some believe that Bitcoin tends to double in value within months of reaching new highs, especially during halving events. However, the significantly higher market cap of Bitcoin compared to previous years makes it more challenging to achieve this feat.
Mike Novogratz, the founder and CEO of Galaxy Digital, predicts that Bitcoin will remain in a consolidation phase between $55,000 and $75,000 over the next month and may rise towards the end of the second quarter. Analysts at Bitfinex, a cryptocurrency trading platform, have even higher predictions, suggesting that Bitcoin could reach $150,000 within the next 12 months. These predictions are driven by factors such as spot Bitcoin exchange-traded funds and the post-halving effect.
Bitcoin’s market sentiment is currently at a score of 70 out of 100, indicating a “Greed” zone according to the Crypto Fear and Greed Index. This suggests that there is a high level of optimism and bullishness surrounding Bitcoin.
In conclusion, silver has surpassed Bitcoin in terms of market cap, making it the eighth-largest asset globally. Bitcoin’s price movement after reaching a new high in March has been a topic of debate among experts, with differing opinions on its future performance. Despite this, there are optimistic predictions for Bitcoin’s price, driven by various factors. The market sentiment for Bitcoin is currently leaning towards “Greed.”