The Rise of Bitcoin: Surpassing Silver in Market Cap
Bitcoin’s recent surge in price has resulted in its market capitalization surpassing that of silver, making it the eighth largest asset in the world. Currently, Bitcoin has a market cap of $1.4 trillion, while silver trails behind with a market cap of $1.3 trillion, according to data from CompaniesMarketCap.
However, Bitcoin still falls short compared to Alphabet, which boasts a market cap of $1.6 trillion. The asset with the highest market cap globally remains gold, with a size of $14.66 trillion.
In the past 24 hours, Bitcoin’s price has increased by approximately 2.4%, reaching $71,621 at 6:00 a.m. ET, according to The Block’s Price Page.
Spot Bitcoin ETFs Experience Continued Success
The rise in Bitcoin’s price follows another successful week for spot bitcoin exchange-traded funds (ETFs). Data from BitMEX Research shows that the total net flow into spot bitcoin ETFs since January 11 is now $9.59 billion.
The iShares Bitcoin Trust (IBIT), BlackRock’s spot bitcoin ETF, has been leading the race since its launch in January. On Wednesday, it achieved record daily inflows of $788.3 million following Bitcoin’s new all-time high above $69,000.
The GM 30 Index Sees Growth
The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, has experienced a 1.89% increase to reach 156.28 in the past 24 hours.
Hot Take: Bitcoin Overtakes Silver in Market Cap
The rise of Bitcoin’s market cap beyond that of silver marks a significant milestone for the cryptocurrency. With a market cap of $1.4 trillion, Bitcoin has solidified its position as one of the top assets in the world.
While Bitcoin still has a long way to go to catch up with gold, its steady growth and increasing popularity indicate its potential for further success. As more institutional investors enter the market and spot bitcoin ETFs continue to gain traction, Bitcoin’s influence and value are likely to continue rising.
As an investor or enthusiast, it is crucial to closely monitor these developments and stay informed about the latest trends and market movements in the cryptocurrency space. Whether you are considering investing in Bitcoin or simply want to stay updated on the industry, keeping a close eye on market caps, ETFs, and other key indicators can provide valuable insights.
Remember, investing in cryptocurrencies carries risks, and it’s essential to do thorough research and seek professional advice before making any investment decisions. The cryptocurrency market is highly volatile and can experience rapid fluctuations. Stay informed, diversify your portfolio, and make well-informed choices to navigate this exciting yet unpredictable landscape.
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