Bitcoin is currently ranked 9th in the world by assets under market capitalization, with $1.37 trillion worth of value. However, the premier digital currency needs to rise to $93k from the current $70k level to flip Silver, ranked 8th globally with a market cap of around $1.8 trillion. Gold leads the charts with a whopping $16.3 trillion worth of value.
Bitcoin’s Price Action
Bitcoin had a strong showing earlier in the week as the crypto asset came close to the $70k price resistance. It was languishing below $63k for much of last month but it has been upbeat for the last few days. The overall market capitalization of the digital currency is currently just below $1.4 trillion, even though it hit as high as $1.44 trillion in March when BTC recorded its All-Time High (ATH) of $73k.
During the last five years, the value of Bitcoin has appreciated more than sixfold, and there is room for much more appreciation.
Bitcoin’s meteoric rise in the last decade has brought it close to some of the biggest asset classes. Gold, Silver, and Copper have been known to be used by mankind for millennia and both of the first two made it as precious metals. Silver, in particular, was used in coinage and was once worth more than Gold before an effective metallurgical process made it cheap.
Silver’s Recent Price History
In recent memory, Silver has performed much better than Gold. Its value has more than doubled in the last five years and more than six times in the last 25 years. The sudden rise in silver’s importance is attributed to its wide use in the electronics industry. Gold is also used in the tech sector but not as frequently, thus driving up the price of the white metal.
Image Source: TradingView
Will Bitcoin Overcome Silver’s Market Capitalization?
If Bitcoin’s 2024-2025 bull market goes according to plan, it will likely overtake Silver’s valuation of $1.79 trillion by going above $93k (provided Silver’s value remains constant). Then, its sight will be on the biggest asset class in the world: Gold. Yellow metal’s valuation stands at around $16 trillion, and BTC will need to get closer to a valuation of $0.9 million or $900,000 to have a chance of beating it. Plus, the latter is also expected to appreciate strongly over time due to the weakness of the fiat system. The Gold-Bitcoin competition is expected to get closer with each halving cycle, even if it won’t be achieved this time around.