Bitcoin Surpasses Silver To Become 8th Largest Asset In The World (2024)

Bitcoin’s latest price surge above $71,000 has pushed the cryptocurrency to new heights. It has even solidified its position as a major player in the global financial landscape.

The world’s largest cryptocurrency by market capitalization has now surpassed silver, becoming the eighth largest asset in the world with a market cap of $1.409 trillion, according to data from CompaniesMarketCap.

This milestone comes as BTC’s price continues to climb, reaching $71,688 at press time. The surge represents a 2.8% increase over the past 24 hours.

Bitcoin surpasses silver as the eighth largest asset

The cryptocurrency’s market cap now exceeds that of silver, which stands at $1.381 trillion. According to the latest data, BTC is rapidly closing in on Alphabet, the parent company of Google, which boasts a market cap of $1.688 trillion. However, Bitcoin still has a long way to go before it can challenge gold, the world’s largest asset by market cap. Gold currently sits at a market cap of $14.66 trillion.

Bitcoin Surpasses Silver To Become 8th Largest Asset In The World (1)

The recent surge in bitcoin’s price and market cap can be attributed, in part, to the successful launch of several spot bitcoin exchange-traded funds (ETFs) over the past few months.

Also read: London Stock Exchange to Accept Bitcoin and Ethereum ETN Applications

The success of spot bitcoin ETFs has been a major driver of the cryptocurrency’s recent price appreciation. This is mainly because these investment vehicles provide a more accessible and regulated way for institutional investors to gain exposure to bitcoin.

With Bitcoin’s market cap now firmly established among the world’s top ten assets, all eyes will be on the cryptocurrency’s future performance and its ability to continue attracting institutional investment. Bitcoin’s recent surge has also pushed the price of Ethereum (ETH) above the $4,000 level.