In today’s LATOKEN review, we want to write about the fact that Bitcoin might overtake silver on the list of most valuable assets really soon.
Bitcoin’s current market capitalization has grown more than 8% over the past week, reaching $1.204 trillion. The new valuation positions the cryptocurrency even closer to the market capitalization of silver.
Bitcoin is ranked eighth in the asset ranking by market capitalization, overtaking Tesla. Silver ranks seventh with a market cap of $1.412 trillion. Topping the list is gold, which is currently the most valuable asset globally with a market capitalization of $11.798 trillion. Until this goal is achieved, Bitcoin is expected to surpass money and achieve a higher capitalization than giant companies like Amazon, Google, Apple, and Microsoft.
In February 2021, the dollar amount of capital concentrated in bitcoins accounted for roughly half of the silver market. Then, the value of Bitcoin in circulation was $886 billion, which is almost 60% of that amount in silver. Now the gap between the two assets has narrowed to less than 10%.
The very first cryptocurrency held its price above $60,000 during the week and started at around $66,000, breaking through the $63,000 resistance zone. This could be a bullish signal pushing Bitcoin to new all-time highs in the coming months or even weeks. However, of course, we can’t be 100% sure. Cryptocurrency, as we all know, is a highly volatile asset.
Silver has dropped from $28 an ounce over the past five months to a low of $21 over that period. Thus, despite the growth since the beginning of September, it has not yet reached the level we saw in May 2020.
Factors affecting Bitcoin price
What can impact the rise in the price of Bitcoin? Factors such as widespread global inflation, high funding rates, falling real bonds, and an influx of institutional capital into the bitcoin crypto market can be noted. These factors are very significant, and we can say that it is unlikely that any of them will change in the short term. This is why it can be argued that the demand for Bitcoin will only continue to grow.
In our LATOKEN reviews, we have written more than once that nothing can be guaranteed when dealing with crypto. However, all of the above may indicate that the first and leading cryptocurrency can overthrow silver in the capitalization rating very soon.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.