- Bitcoin surpassed silver briefly, reaching the eighth-largest global asset by market cap.
- Rising interest in Bitcoin highlighted its role as a hedge against market volatility.
As a seasoned crypto investor with over a decade of experience under my belt, I’ve witnessed the rollercoaster ride that is the digital asset market. The recent surge of Bitcoin [BTC] past silver and its brief stint as the eighth-largest global asset by market cap was nothing short of thrilling.
In a recent development, Bitcoin (BTC) has soared beyond its prior record peak, sparking interest as it inches towards the $90,000 milestone.
Bitcoin passed silver for a while
Bitcoin’s market capitalization soared to a staggering $1.75 trillion, hitting $89,560, which propelled it ahead of silver and placed it among the top eight most valuable assets worldwide.
On two occasions this year, Bitcoin exceeded the value of silver, according to Infinite Market Cap’s reports.
Initially, Bitcoin surpassed the value of silver in March. Now, with this recent spike, it has become clear that Bitcoin is firmly established as one of the world’s leading assets and should be kept under close observation as a potential competitor.
Gold still stands above Bitcoin
In simpler terms, the important document known as the Kobessi Letter emphasized this accomplishment, referring to it as a crucial step forward.
However, The Kobessi Letter noted Gold’s prominence over BTC and acknowledged,
It’s astonishing to consider that gold is a full ten times the size of Bitcoin. This not only highlights the immense scale of gold, but it also suggests the enormous potential growth that Bitcoin could experience.
In other words, comparing Bitcoin to silver, a traditional symbol of stability, suggests that traditional investors are starting to see Bitcoin as having more worth beyond being merely a speculative investment.
The momentum was short-lived
However, Bitcoin’s climb was brief. The cryptocurrency saw a 1% dip and was trading at around $87,695 at press time, per CoinMarketCap.
Based on the most recent information from Infinite Market Cap, silver has regained its eighth spot among global assets, displacing Bitcoin and moving it down to ninth position.
It’s clear that the strong showing of Bitcoin this week has caught the eye of investors and spurred growth in associated indices. This is because people are increasingly looking for lucrative, risky investment opportunities outside of conventional markets.
The “Complex of Bitcoin Industries” index, which monitors the trading of U.S.-based Bitcoin ETFs, companies like MicroStrategy, and Coinbase, has seen a significant increase in activity, hitting a record-breaking $38 billion in transaction volume.
Although gold’s total value in the market is significantly greater than that of Bitcoin (by over 10 times), the allure of Bitcoin’s limited supply persists among investors who seek a tactical safeguard against the unpredictable fluctuations in conventional markets.
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2024-11-14 09:11