BCGAME - Free 5BTC Daily Bonus!- Bitcoin surpasses silver in market value.
- Growth potential aligned with gold.
- Price increases driven by institutional investments.
Bitcoin has just reached a new milestone in its already impressive growth trajectory. Its market cap recently surpassed that of silver, reaching a staggering $1,736 trillion, making it the eighth largest asset in the world. This milestone puts Bitcoin ahead of giants like Nvidia and behind only heavyweights like Apple and Google.
This surge occurred after Bitcoin’s price surged to $89.500, marking an 11% increase in just one day. At the same time, silver experienced a 2% drop in its value, which further contributed to Bitcoin’s historic rise in the global asset rankings.
Amid these developments, capital markets commentator Carta Kobessi highlighted the scale of this feat. “The fact that gold is still 10X bigger than Bitcoin is incredible. This not only shows how big gold is, but also shows how big Bitcoin can be,” the publication highlighted.
Despite already rising more than 100% since the start of the year, Bitcoin would need to increase tenfold from its current value to match gold’s market cap. This recent advance has been largely driven by the growing adoption of institutional investors and the continued popularity of Bitcoin ETFs, including BlackRock’s notable iShares Bitcoin Trust (IBIT), which alone saw $4,5 billion in trading volume in the past day.
Analysts are bullish and suggest that Bitcoin could surpass the $100.000 mark by the end of 2024. Having recently peaked at $88.000, the cryptocurrency is now just 14% away from reaching this impressive target.
