In a groundbreaking development, Bitcoin has surged past silver to claim its position as the eighth largest global financial asset. With a market capitalization of $1.4 trillion, Bitcoin now stands tall, outshining not only precious metals but also tech giants like Facebook (Meta) and Berkshire Hathaway, Warren Buffett's renowned company.
Bitcoin's ascent has been nothing short of remarkable. Since March 2023, its price has skyrocketed by over 240%, and within 2024 alone, it has surged by an impressive 62%. The recent surge to an all-time high of $72,273.60 against the US dollar solidifies its position as a force to be reckoned with in the financial world.
Silver, traditionally considered a safe-haven asset, has been dethroned by the digital gold. Bitcoin's market cap now exceeds silver's by over $24 billion, marking a seismic shift in investor sentiment. As the world embraces cryptocurrencies, silver's luster has dimmed in comparison to Bitcoin's dazzling rise.
But Bitcoin isn't the only cryptocurrency making waves. **Ethereum**, the second-largest crypto by market cap, has also made significant strides. It recently surpassed the SPDR S&P 500 ETF Trust, securing its place as the 20th largest financial asset globally. With a market cap of $483.82 billion, Ethereum now outshines luxury conglomerate LVMH and banking titan Mastercard.
Research analyst Matteo Greco of Fineqia International attributes Bitcoin's surge to the growing acceptance of Exchange Traded Products (ETPs) with digital assets. These ETPs have seen a record inflow of $80.5 billion, indicating heightened interest in cryptocurrencies. Greco emphasizes the newfound liquidity and trading volumes, signaling greater capital efficiency.
Bitcoin's ascent beyond silver underscores its integration into mainstream investment portfolios. As digital assets gain recognition, they reshape the future of finance. Chief Editor Harsh Vardhan at Invezz aptly summarizes this shift: "Bitcoin surpassing silver marks a new era where digital assets are increasingly recognized for their value."
Investors worldwide are closely watching this crypto revolution. As Bitcoin continues to redefine financial norms, its impact reverberates across markets, economies, and the very fabric of our monetary system.
Sources:
1. Nairametrics
2. Invezz
3. MSN