Bitcoin briefly surpasses silver, reaching a new record market capitalization.

Bitcoin’s market capitalization soared to a record-breaking $1.35 trillion on March 5th.
In the 24 hours leading up to 12:55 pm UTC, the price of Bitcoin climbed 3.35% to reach $67,322. According to data from CoinMarketCap, the world’s first cryptocurrency has experienced a 17% increase on the weekly chart.
After reaching this new high, Bitcoin briefly became the eighth-largest asset globally, surpassing the $1.347 trillion market capitalization of silver, the second-largest precious metal in the world, as reported by CompaniesMarketCap.
This surge occurred just one day after Bitcoin achieved its highest daily closing price of $68,245 on March 4th, surpassing its previous record of $67,525 on November 8th, 2021. Analysts now have higher expectations that the price of Bitcoin could reach $100,000 before the end of 2024.
According to a research report by Bitfinex Analysts shared with Cointelegraph on March 4th, the recently approved spot Bitcoin exchange-traded funds (ETFs) in the United States have played a significant role in the bullish price action of Bitcoin. They stated, “February witnessed an impressive 44% surge in BTC, reflecting a remarkable positive momentum since December 2020. The $7.5 billion influx into Bitcoin ETFs not only stimulates market growth but also indicates a positive outlook and potential for continued capital inflow.”
Bitfinex Analysts also noted that open interest on centralized exchanges for Bitcoin futures reached record levels, demonstrating strong investor confidence in a sustained rally. They mentioned, “The recent surge in open interest has exceeded the levels observed in November 2021, when BTC reached its all-time high of nearly $69,000. On Friday, March 1st, the total open interest for Bitcoin futures contracts surpassed $26 billion, surpassing the previous record of $24 billion set in the last quarter of 2021.”
The new all-time high for Bitcoin’s market capitalization comes shortly after MicroStrategy, the largest corporate holder of Bitcoin, announced its plans to raise $600 million to expand its BTC holdings. The funds will be raised through senior convertible notes, as stated in a post by the company’s executive chairman, Michael Saylor, on March 4th.
Investors are now considering whether the Bitcoin halving is the opportune time to invest in BTC.