Bitcoin's meteoric rise has taken another historic turn as it surged past the $72,000 mark, propelling its market capitalization above the entire global silver market. Over the last month alone, Bitcoin has experienced a staggering 52.7% increase in value against the U.S. dollar, with a remarkable 41.1% surge occurring within a mere two-week period.
Bitcoin reached an unprecedented pinnacle, hitting $72,372 per coin, marking a new milestone in its price history. This surge has propelled Bitcoin to claim the title of the world’s eighth-largest asset by market cap, surpassing the total valuation of silver.
With its market capitalization now hovering around $1.41 trillion, Bitcoin's worth slightly edges above silver's market value of $1.38 trillion. In its relentless climb, Bitcoin has systematically outpaced the market capitalizations of prominent global entities such as TSMC, Berkshire Hathaway, and Meta.
Yet, while Bitcoin's ascent is remarkable, it still lags behind gold, which boasts a staggering market capitalization of $14.7 trillion. Presently, Bitcoin represents 9.59% of gold's total market value, inching closer to the market caps of technology giants like Microsoft and Apple.
Comparing Bitcoin's current standing to its previous peak in November 2021, when it attained its former all-time high, reveals a significant shift. At that time, Bitcoin held the eighth spot in global market cap rankings but had not surpassed silver's market valuation. Moreover, the market caps of gold, Microsoft, and Apple were considerably lower compared to their current values.
Looking ahead, Bitcoin's trajectory remains uncertain as it sets its sights on surpassing Alphabet's market cap of $1.712 trillion. However, Bitcoin's climb is unique among the top ten assets, distinguished by its decentralized nature, devoid of corporate backing, and free from governmental control.
In its latest surge, Bitcoin's market capitalization skyrocketed to $1.42 trillion, exceeding that of silver at $1.387 trillion. This upward momentum has been fueled by the continued positive sentiment surrounding spot ETFs.
As Bitcoin continues its ascent, it solidifies its position among the world's top assets by market cap, surpassing silver to claim the eighth spot. With a 4% surge to an all-time high surpassing $72,000 during U.S. trading hours, Bitcoin's valuation surged to $1.42 trillion, outstripping silver's market cap at $1.387 trillion, according to CompaniesMarketCap.
Earlier in this historic bull run, Bitcoin had surpassed the market cap of Meta, which currently stands at $1.2 trillion. The next target in Bitcoin's crosshairs is Alphabet, the parent company of Google, with a valuation just shy of $1.7 trillion.
As some Bitcoin enthusiasts set their sights on the ultimate prize – surpassing gold's $14.7 trillion market cap – achieving such a feat would require Bitcoin to surge past $720,000 per token, marking a monumental leap in its valuation.
