Silver has staged an impressive comeback against Bitcoin in 2024, surpassing the cryptocurrency as the eighth-largest asset by market cap after losing its position in March.
The world’s second most valuable metal has rallied 33.4% since Bitcoin (BTC) reached a record $73,737 on March 14, while Bitcoin has retraced 9.5%, according to CoinGecko.
As a result, silver’s market cap of $1.83 trillion is now $500 billion more than Bitcoin’s, which is currently at $1.31 trillion, according to Companies Market Cap — meaning Bitcoin would need to rally 40% to $93,000 to flip silver’s current market cap (if all else remains equal.)
Bitcoin is currently the world’s ninth-largest asset, trailing gold, Microsoft, Apple, Nvidia, Google, Saudi Aramco, Amazon and silver.
Gold has also distinguished itself, increasing 22.4% since Feb. 13, according to Trading Economics. It currently has a market cap of $16.4 trillion.
Industry pundits were split on how Bitcoin’s price would move after notching a new all-time high in March.
Bitcoin analyst Dylan LeClair previously noted that Bitcoin tends to double within months of reaching new highs, particularly around halving events. However, Bitcoin has a significantly higher market cap now than it did in 2020, 2016 and 2012, making it more difficult to achieve such a feat.
Galaxy Digital founder and CEO Mike Novogratz says Bitcoin will stay in a “consolidation phase” between $55,000 and $75,000 over the next month and potentially rise toward the end of the second quarter.
Analysts at cryptocurrency trading platform Bitfinex predict Bitcoin could reach $150,000 over the next 12 months.
Many industry pundits have cited the spot Bitcoin exchange-traded funds and the post-halving effect as the main drivers behind these high predictions.
Related: Bitcoin’s 2023–2024 growth rate has it on track to surpass Microsoft within a year
Bitcoin’s market sentiment score is currently 70 out of 100, firmly in the “Greed” zone in the Crypto Fear and Greed Index.
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