- Silver has rallied 33.4% since March, surpassing Bitcoin to become the world’s eighth-largest asset by market cap.
- Despite a new all-time high in March, Bitcoin has seen a 9.5% retracement, now valued at $1.31 trillion.
- Analysts remain divided on Bitcoin’s future trajectory, with predictions ranging up to $150,000.
Silver has reclaimed its position over Bitcoin as the world’s eighth-largest asset by market cap, demonstrating significant market resilience and investor interest. The precious metal has seen a 33.4% increase in value since Bitcoin reached its peak price of $73,737 on March 14. During the same period, Bitcoin has experienced a 9.5% decline, according to data from CoinGecko.
Market Cap Comparisons
As of now, silver’s market cap stands at $1.83 trillion, which is $500 billion more than Bitcoin’s current market cap of $1.31 trillion. For Bitcoin to surpass silver again, it would need to experience a 40% rally to reach around $93,000, assuming silver’s market cap remains constant.
Broader Asset Rankings
Bitcoin, which is now the ninth-largest asset globally, trails behind major entities such as gold, Microsoft, Apple, Nvidia, Google, Saudi Aramco, Amazon, and silver. Meanwhile, gold continues to perform robustly, increasing 22.4% since February 13 and holding a market cap of $16.4 trillion, as reported by Trading Economics.
Analyst Predictions on Bitcoin
The cryptocurrency community remains divided regarding Bitcoin’s short-term price direction following its latest peak. Dylan LeClair, a noted Bitcoin analyst, pointed out that historically, Bitcoin tends to double in price within months after setting new highs, especially around halving events. However, due to Bitcoin’s substantially larger market cap compared to previous cycles, replicating such gains has become more challenging.
Mike Novogratz, CEO of Galaxy Digital, suggests that Bitcoin might stay in a consolidation phase, ranging between $55,000 and $75,000 over the next month, with potential upward movement by the end of the second quarter. On the other hand, analysts from Bitfinex are more bullish, predicting that Bitcoin could climb to $150,000 over the next 12 months, driven by factors including the influence of spot Bitcoin ETFs and post-halving momentum.
Market Sentiment and Outlook
Currently, the Crypto Fear and Greed Index places Bitcoin’s market sentiment score at 70 out of 100, categorizing it in the “Greed” zone. This indicates a generally optimistic market sentiment, despite the recent price corrections.
