Bitcoin Overtakes Silver as Eighth Largest Asset

The recent surge in Bitcoin’s value has surpassed that of silver, cementing its position as the eighth largest asset in the world.

According to CompaniesMarketCap data, Bitcoin now boasts a market capitalization of $1.4 trillion, narrowly overtaking silver’s market cap of $1.3 trillion. Despite this, Bitcoin still ranks below Alphabet, whose market cap stands at $1.6 trillion.

The top spot in terms of market cap is still held by gold, with a value of $14.66 trillion. Over the past 24 hours, Bitcoin’s price has risen by approximately 2.4%, reaching a value of $71,621 at 6:00 a.m. ET.

The increase in Bitcoin’s price follows a successful week for spot Bitcoin exchange-traded funds (ETFs). Data from BitMEX Research shows that since January 11, the total net flow into spot Bitcoin ETFs has reached $9.59 billion.

BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, has been leading the race since its launch in January.