Bitcoin Silver needs to hit $93K to topple.
Silver has made a remarkable comeback against Bitcoin (BTC) this year, gaining ground as the 8th largest cryptocurrency by market capitalization after losing its position in March.
After bitcoin hit a record high of $73,737 on March 14, bitcoin has recovered 9.5 percent, CoinGecko reported.
As a result, silver's market cap of $1.83 trillion is now $500 billion more than bitcoin, which currently stands at $1.31 trillion, based on the company's market cap — meaning bitcoin would need to rally 40% to $93,000 to topple silver's current market cap (all (if) else remains equal.)
Bitcoin is currently the world's ninth-largest asset — behind gold, Microsoft ( MSFT ), Apple ( AAPL ), Nvidia ( NVDA ), Google ( GOOG ), Saudi Aramco ( 2222.SR ), Amazon ( AMZN ) and silver.
Gold is up 22.4% since February 13, according to Trading Economics. It currently has a market cap of $16.4 trillion.
Industry experts are divided on how Bitcoin's price will move after hitting a new all-time high in March.
Bitcoin analyst Dylan Leclair has previously stated that Bitcoin tends to double within months of reaching new highs – typically halving events. However, Bitcoin has a significantly higher market cap than it did in 2020, 2016 and 2012, making it more difficult to pull off such a feat.
Mike Novogratz, founder and CEO of Galaxy Digital, said bitcoin will remain in a “consolidation phase” between $55,000 and $75,000 next month, and could increase by the end of the second quarter.
Analysts at cryptocurrency trading platform Bitfinex predict that Bitcoin could reach $150,000 in the next 12 months.
Many industry experts have cited Bitcoin exchange rates and post-halving results as the main drivers behind these high forecasts.
Related: 2023–2024 Bitcoin Growth Rate On Track To Outpace Microsoft In One Year
Bitcoin's market sentiment score is currently 70 out of 100, which equates to “Greed” in the Crypto Fear and Greed Index.
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