- Silver has staged a remarkable recovery against Bitcoin this year, reclaiming its status as the 8th largest asset by market value.
- Following a dip in March, silver’s market capitalization has surged, surpassing that of Bitcoin.
- Data from CoinGecko shows that silver has appreciated by 33.4% since Bitcoin hit its peak of $73,737 on March 14, while Bitcoin has seen a decline of 9.5% over the same period.
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How Does Silver Compare to Bitcoin?
Currently, silver’s market value stands at $1.83 trillion, which is $500 billion more than Bitcoin’s market value of $1.31 trillion. For Bitcoin to surpass silver’s market value, it would need to rise by 40% to reach $93,000. This shift positions Bitcoin as the ninth largest asset globally, trailing behind gold, Microsoft, Apple, Nvidia, Google, Saudi Aramco, Amazon, and silver.
What Lies Ahead for Bitcoin?
Bitcoin analyst Dylan LeClair has pointed out that Bitcoin often doubles in value within months after reaching new peaks, especially following halving events. However, given Bitcoin’s significantly higher market value today compared to previous years, such an increase may be more difficult to achieve. Mike Novogratz, CEO of Galaxy Digital, suggests that Bitcoin will remain in a consolidation phase between $55,000 and $75,000 over the next month, with a potential rise towards the end of the second quarter. Bitfinex analysts predict that Bitcoin could hit $150,000 within the next 12 months, driven by spot Bitcoin exchange-traded funds and the post-halving effect.
Key Takeaways for Investors
- Silver has outperformed Bitcoin, reclaiming the 8th largest asset position.
- Bitcoin needs a 40% increase to surpass silver’s market value.
- Gold has also seen significant growth, currently valued at $16.4 trillion.
- Experts are divided on Bitcoin’s near-term price trajectory.
- Analysts see potential for Bitcoin to reach $150,000 in the next year.
Conclusion
Many industry experts point to spot Bitcoin ETFs and the post-halving effect as key drivers behind high future price predictions. Bitcoin’s current market sentiment score of 70 on the Crypto Fear and Greed Index reflects a state of greed.
