Bitcoin's Market Cap Surpasses Silver

Yolowire 12-Mar-2024 9:07 AM

With its price at an all-time high above $72,000 U.S., %Bitcoin ($BTC) market capitalization now stands at $1.4 trillion U.S., greater than the value of the worlds supply of silver.

With a 4% increase over the last 24 hours, Bitcoin is now trading at an all-time high of right around $72,000 U.S., pushing its valuation above that of sliver at $1.38 trillion U.S., according to data from %CompaniesMarketCap.

Bitcoin is currently the world's eighth most valuable tradeable property. Some analysts and traders refer to Bitcoin as a digital commodity or digital gold.

Bitcoins valuation has also surpassed that of %MetaPlatforms (NASDAQ:META) which has a market cap of $1.20 trillion U.S.

Some Bitcoin advocates are now saying that Bitcoin will eventually surpass the value of gold. Gold currently has a $14.70 trillion U.S. market cap.

To surpass the valuation of gold, Bitcoins price would have to rise more than 10-fold to at least $720,000 U.S. per digital token.

A growing number of analysts and market observers are forecasting that Bitcoins price will surpass $150,000 U.S. this year.

An upcoming halving event planned for April when the amount of Bitcoin mined, and the rewards given to miners, is cut in half is expected to continue pushing the price of the cryptocurrency higher in the near-term.

COMTEX_449081743/2797/2024-03-11T09:59:20