Bitcoin (BTC) Nears Silver’s Market Cap at $1.3 Trillion: Is Gold the Next Target?

• Bitcoin and Ethereum have risen to become one of the most valuable assets globally.
• There has been a pause in the uptrends that BTC and ETH saw in the previous week.
• Recent data shows that Bitcoin and Ethereum have achieved dominance not only within the cryptocurrency market but also in the broader financial landscape.

Discover the recent developments in Bitcoin and Ethereum’s market performance and their standing among traditional assets.

Bitcoin and Ethereum Among Top Assets

Bitcoin and Ethereum have firmly established themselves as leading assets in the global financial market. A study by Crypto Rank revealed that Bitcoin and Ethereum are prominently featured among the top assets by market capitalization.

Market Capitalization Insights

The data showed that Bitcoin ranked ninth with a market cap of $1.33 trillion, just behind Silver, which had a market cap of $1.8 trillion. The largest asset by market capitalization was Gold, at $15.7 trillion. Additionally, Ethereum ranked 24th with a market cap of $455 billion, surpassing Mastercard, which had a market cap of $413 billion.

Bitcoin and Ethereum Continue Dominance

Analysis of cryptocurrency data from CoinMarketCap showed that the total market capitalization of cryptocurrencies exceeded $2.5 trillion. Bitcoin accounted for over $1.3 trillion of this, giving it a market dominance of almost 53%. Ethereum’s market capitalization was over $453 billion, representing nearly 18% of the total market. Combined, Bitcoin and Ethereum make up over 70% of the entire cryptocurrency market capitalization, meaning their price movements significantly impact the overall market.

Comparative Market Value

Although the total cryptocurrency market capitalization is much smaller compared to Gold, it still holds substantial value. The dominance of Bitcoin and Ethereum underscores their importance in the financial ecosystem, influencing market trends and investor sentiment.

BTC and ETH See Pause in Uptrends

Bitcoin has recently dropped further from the $70,000 price range, leading to a decline in its market capitalization. Analysis of the daily time frame chart showed that after fluctuating between $68,000 and $69,000 for several days, it fell to around $67,000. By the end of the trading session on 29th May, it had decreased by over 1% to approximately $67,500. As of this writing, Bitcoin was trading at around $67,900, reflecting a slight increase of less than 1%.

Furthermore, Ethereum has recently experienced a pause in its upward trend. It reached around $3,890 on 27th May, the highest level since it rose to about $4,000 in March. However, subsequent downtrends quickly halted this rise. By the end of the trading session on 29th May, Ethereum had declined by over 2%, trading at around $3,762. As of this writing, it was trading at approximately $3,750 after a slight further decline.

Conclusion

In conclusion, Bitcoin and Ethereum continue to demonstrate their significant roles in the financial market. Despite recent pauses in their upward trends, their market capitalizations and dominance within the cryptocurrency space remain strong. Investors should keep a close eye on these assets as their movements can have substantial impacts on the broader market. The future outlook for Bitcoin and Ethereum remains promising, with potential for further growth and influence in the financial ecosystem.