Cryptocurrencies

Silver has made an impressive comeback against Bitcoin (BTC) this year, outpacing the currency

Silver has made an impressive comeback against Bitcoin (BTC) this year, overtaking the cryptocurrency as the eighth-largest asset by market capitalization after losing its position in March.

The world’s second most expensive metal has risen 33.4% since Bitcoin reached a record high of $73,737 on March 14, while Bitcoin has fallen 9.5%, according to CoinGecko.

As a result, silver’s $1.83 trillion market cap is now $500 billion more than Bitcoin’s, which currently stands at $1.31 trillion, according to Enterprise Market Cap — meaning Bitcoin would need to rise 40% to $93,000 to overturn its current market cap. For silver (if available). Otherwise it remains equal.)

The largest assets in the world by market value. Source: Market capitalization of companies

Bitcoin is currently the ninth largest asset in the world – trailing behind gold, Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), Google (GOOG), Saudi Aramco (2222.SR), Amazon (AMZN) and silver.

Gold has also distinguished itself, rising 22.4% since February 13, according to Trading Economics. Its market capitalization currently stands at $16.4 trillion.

Industry experts are divided on how Bitcoin’s price will move after hitting a new all-time high in March.

Bitcoin analyst Dylan LeClair previously noted that Bitcoin tends to double within months of reaching new highs – especially around halving events. However, Bitcoin now has a much higher market cap than it did in 2020, 2016, and 2012, making such a feat more difficult to achieve.

Galaxy Digital founder and CEO Mike Novogratz says bitcoin will remain in a “consolidation phase” between $55,000 and $75,000 over the next month, likely rising at the end of the second quarter.

Analysts at cryptocurrency trading platform Bitfinex expect Bitcoin to reach $150,000 within the next 12 months.

Many industry experts have pointed to Bitcoin spot ETFs and the post-halving effect as the main drivers behind these high expectations.

Related: Bitcoin’s growth rate in 2023-2024 puts it on track to surpass Microsoft within one year

Bitcoin’s market sentiment score currently stands at 70 out of 100, which equates to “greed” in the Fear and Greed Cryptocurrency Index.

Silver Has Made An Impressive Comeback Against Bitcoin (Btc) This Year, Outpacing The Currency
Cryptocurrency Fear and Greed Index Score. Data from May 20. Source: Alternative.me

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