- Silver and gold have reached all-time highs, with silver ranking eighth as the world’s largest asset by market capitalization, surpassing bitcoin in the process.
- Despite the setback, there is speculation that Bitcoin will rebound and regain its position in the monetary system
Gold and silver have come to the forefront of the traditional financial system. The recent rally in commodities has seen gold and silver hit new all-time highs against the US dollar.
Silver, which has reached an all-time high in 11 years, has achieved significant milestones, surpassing the majestic Bitcoin in market capitalization.
While this traditional store of value and medium of exchange shines with its own light, cryptocurrency analysts and investors have not lost sight of Bitcoin.
Since the beginning of the year, gold prices have experienced a spectacular rally. This week, gold has reached an important high of $2,450 an ounce.
Among the factors that have caused this rise are the current geopolitical tensions in Iran and the anticipation of a moderate monetary policy by the Federal Reserve in terms of interest rates.
Described as a safe haven asset, silver has risen to the eighth position as the world’s largest asset by market capitalization, eclipsing Bitcoin in the process.
With a notable market capitalization of $1.83 trillion, the second most precious metal exceeds Bitcoin’s market capitalization of $500 billion. Silver has experienced a 33.4% increase since Bitcoin’s all-time high in mid-March.
With an impressive market capitalization of $1.83 trillion, silver has eclipsed Bitcoin’s $1.31 trillion valuation. This has made silver a safe haven among mainstream investors in the face of the weakening US dollar and growing industrial demand, specifically in the renewable energy sector.
Bitcoin (BTC) Targets New ATH
As gold and silver continue to shine, attention inevitably turns to Bitcoin. The pioneering cryptocurrency in the field of digital assets has captured the attention of investors. Despite falling behind silver in market capitalization, Bitcoin remains a threat and a solid competitor. Analysts are closely monitoring the evolution of the price of Bitcoin in the hope that it will rebound.
Some analysts assume that Bitcoin could catch up and topple silver, but projections suggest that Bitcoin needs to rise 40% to reach $93,000.
The price of Bitcoin has long been the subject of scrutiny and debate among crypto investors and analysts. In recent years, Bitcoin has shown a tendency to double in price, especially after significant events such as the Bitcoin halving.
However, the slow growth of Bitcoin’s market capitalization has made it difficult to repeat previous metric events.
Despite the problems that Bitcoin is facing, it is still believed that there is more to come and that Bitcoin’s full potential is yet to be exploited. Among the believers is investor and Galaxy Digital CEO Mike Novogratz, who believes Bitcoin is primed for a rally specifically toward the end of the second quarter.
The introduction of Spot Bitcoin ETFs and the already experienced Bitcoin halving effect stand as key catalysts for Bitcoin’s opportunity to lead the financial monetary system.
