Bitcoin’s market capitalization skyrockets, momentarily surpassing that of silver.

Bitcoin’s market capitalization soared to a record-breaking $1.35 trillion on March 5th.
In the 24 hours leading up to 12:55 pm UTC, the price of Bitcoin rose by 3.35% to reach $67,322. According to CoinMarketCap data, the world’s first cryptocurrency has seen a weekly increase of over 17%.
Following this new high, Bitcoin briefly surpassed the market capitalization of silver, the second-largest precious metal in the world, making it the eighth-largest asset globally, according to CompaniesMarketCap data.
The surge in Bitcoin’s price comes after it achieved its highest daily close on March 4th, reaching $68,245. This beats its previous record close of $67,525 on November 8, 2021. Analysts believe that this could be an indication that Bitcoin’s price might reach $100,000 before the end of 2024.
Bitfinex Analysts, in a research report shared with Cointelegraph, stated that the recently approved spot Bitcoin exchange-traded funds (ETFs) in the US have significantly contributed to the bullish price action of Bitcoin. They said, “February witnessed an impressive 44% surge in BTC, reflecting a notable positive momentum since December 2020. The $7.5 billion influx into Bitcoin ETFs not only drives market growth but also signals a positive outlook and potential for continued capital inflow.”
According to the same analysts, open interest on centralized exchanges for Bitcoin futures has reached record levels, indicating strong investor confidence in a sustained rally. They said, “The recent spike in open interest has surpassed the levels seen in November 2021, when BTC hit its all-time high of nearly $69,000. On Friday, March 1, the total open interest for Bitcoin futures contracts soared above $26 billion, surpassing the previous record, set in the last quarter of 2021, of $24 billion.”
The new all-time high of Bitcoin’s market capitalization comes just a day after MicroStrategy, the largest corporate holder of Bitcoin, announced its plans to raise $600 million to purchase more BTC. The funds will be issued in the form of senior convertible notes, according to a post by Michael Saylor, the executive chairman of MicroStrategy.