Silver has staged an impressive comeback against Bitcoin (BTC) this year, surpassing the cryptocurrency as the 8th largest asset by market cap after losing its position in March.
The world’s second most valuable metal has rallied 33.4% since Bitcoin reached a record $73,737 on March 14, while Bitcoin has retraced 9.5%, according to CoinGecko.
As a result, Silver’s market cap of $1.83 trillion is now $500 billion more than Bitcoin’s, which is currently at $1.31 trillion, according to Companies Market Cap — meaning Bitcoin would need to rally 40% to $93,000 to flip Silver’s current market cap (if all else remains equal.)
World’s largest assets by market cap. Source: Companies Market Cap
Bitcoin is currently the world’s ninth largest asset — trailing gold, Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), Google (GOOG), Saudi Aramco (2222.SR), Amazon (AMZN) and Silver.
Gold has also distinguished itself, increasing 22.4% since Feb. 13, according to Trading Economics. It currently has a market cap of $16.4 trillion.
Industry pundits were split on how Bitcoin’s price would move after notching a new all-time high in March.
Bitcoin analyst Dylan LeClair previously noted that Bitcoin tends to double within months of reaching new highs — particularly around halving events. However, Bitcoin has a significantly higher market cap now than it did in 2020, 2016 and 2012, making it more difficult to pull off such a feat.
Galaxy Digital founder and CEO Mike Novogratz says Bitcoin will stay in a “consolidation phase” between $55,000 and $75,000 over the next month, and potentially rise toward the end of the second quarter.
Analysts at cryptocurrency trading platform Bitfinex predict Bitcoin could reach $150,000 over the next 12 months.
Many industry pundits have cited the spot Bitcoin exchange-traded funds and the post-halving effect as the main drivers behind these high predictions.
Related: Bitcoin’s 2023–2024 growth rate has it on track to surpass Microsoft within a year
Bitcoin’s market sentiment score is currently 70 out of a possible 100, which equates to “Greed” in the Crypto Fear & Greed Index.
Crypto Fear and Greed Index score. Data from May 20. Source: Alternative.me
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