Silver has made an impressive comeback against Bitcoin in 2024, surpassing the cryptocurrency as the eighth-largest asset by market cap after losing its position in March.
The second most valuable metal in the world has experienced a rally of 33.4% since Bitcoin reached a record high of $73,737 on March 14. In contrast, Bitcoin has retraced 9.5%, according to CoinGecko.
As a result, silver’s market cap of $1.83 trillion now exceeds Bitcoin’s by $500 billion. According to Companies Market Cap, Bitcoin would need to rally 40% to $93,000 in order to surpass silver’s current market cap, assuming all other factors remain the same.
Bitcoin currently stands as the world’s ninth-largest asset, trailing behind gold, Microsoft, Apple, Nvidia, Google, Saudi Aramco, Amazon, and silver.
Gold has also performed well, with a 22.4% increase since February 13, according to Trading Economics. It currently holds a market cap of $16.4 trillion.
Experts had differing opinions on the future price movement of Bitcoin after reaching a new all-time high in March.
Bitcoin analyst Dylan LeClair noted that Bitcoin tends to double within a few months after reaching new highs, especially around halving events. However, Bitcoin’s current market cap is significantly higher than it was in 2020, 2016, and 2012, making it more challenging to achieve such a feat.
Mike Novogratz, founder and CEO of Galaxy Digital, believes Bitcoin will remain in a consolidation phase between $55,000 and $75,000 over the next month, with the potential to rise towards the end of the second quarter.
Analysts at Bitfinex, a cryptocurrency trading platform, predict that Bitcoin could reach $150,000 within the next 12 months.
Many experts have attributed these high predictions to the introduction of spot Bitcoin exchange-traded funds and the post-halving effect.
Bitcoin’s market sentiment score is currently 70 out of 100, placing it firmly in the “Greed” zone according to the Crypto Fear and Greed Index.
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