Bitcoin needs to reach $93,000 to overtake silver right now
By ForGeeks Silver’s market value has surpassed bitcoin by more than $500 billion, despite the cryptocurrency flipping the precious metal just two months ago.
Silver’s market value has surpassed bitcoin by more than $500 billion, despite the cryptocurrency flipping the precious metal just two months ago.
Silver has staged an impressive comeback against bitcoin (BTC) this year, overtaking the cryptocurrency as the 8th largest asset by market capitalization after losing ground in March. According to CoinGecko, the world’s second most valuable metal has risen 33.4% since bitcoin hit a record high of $73,737 on March 14, while bitcoin has retreated 9.5%.
As a result, silver’s market value of $1.83 trillion is now $500 billion more than bitcoin, which currently stands at $1.31 trillion, according to Companies Market Cap. That means bitcoin would need to rise 40% to $93,000 to overturn silver’s current market value (all other things being equal).
Bitcoin would need to rise 40% to $93,000 to overturn silver’s current market value (all other things being equal).
Bitcoin is currently the ninth largest asset in the world, behind gold, Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), Google (GOOG), Saudi Aramco (2222.SR), Amazon (AMZN) and silver. Gold also distinguished itself, up 22.4% since Feb. 13, according to Trading Economics. It now has a market value of $16.4 trillion. Industry experts are divided on how the price of bitcoin will move after reaching a new all-time high in March.
Bitcoin’s price is expected to rise to a new all-time high in March.
Bitcoin analyst Dylan Leclaire has previously noted that bitcoin tends to double in the months after hitting new highs — especially during periods when there is a halving of the price. However, bitcoin’s market value is much higher now than it was in 2020, 2016 and 2012, so it will be more difficult to accomplish such a feat. Galaxy Digital founder and chief executive Mike Novogratz believes bitcoin will be in a «consolidation phase» between $55,000 and $75,000 over the next month, and could rise by the end of the second quarter.
Bitcoin is expected to be in a «consolidation phase» between $55,000 and $75,000, and could rise by the end of the second quarter.
Analysts at cryptocurrency trading platform Bitfinex predict bitcoin could hit the $150,000 mark in the next 12 months. Many industry experts cite bitcoin-trading exchange-traded funds and the post-galving effect as the main reasons for these high predictions.
Analytics at Bitfinex are citing the bitcoin exchange-traded funds and the post-galving effect as the main reasons for these high predictions.
