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Bitcoin surpasses silver to become the eighth largest asset by market cap

Bitcoin surpasses silver to become the eighth largest asset by market cap

The BlockThe Block2024/03/11 10:53
By:Brian McGleenon

Bitcoin has surpassed silver to become the eighth largest asset by market cap.The price of bitcoin increased above the $71,000 mark on Monday, setting a new all-time high.

Bitcoin's latest price rise has seen its market cap overtake that of silver, making it into the eighth largest asset in the world.

Bitcoin now has a market cap of $1.4 trillion, while silver only has a market cap of $1.3 trillion, according to CompaniesMarketCap data .

The cryptocurrency remains behind Alphabet, with a market cap of $1.6 trillion. The asset with the largest market cap globally is still gold, at a size of $14.66 trillion.

Bitcoin's price increased by around 2.4% in the past 24 hours and was changing hands for $71,621 at 6:00 a.m. ET, according to The Block's Price Page .

The bitcoin price has crossed over the $71,000 mark. Image: The Block.

 

The increase in the price of bitcoin comes comes after another successful week for spot bitcoin exchange-traded funds (ETFs). According to data from BitMEX Research, the total net flow into spot bitcoin ETFs since January 11 is now $9.59 billion.  

BlackRock’s spot bitcoin ETF, the iShares Bitcoin Trust (IBIT), has led the ETF race since its launch in January. According to The Block's Data Dashboard , it reached record daily inflows of $788.3 million on Wednesday, following bitcoin’s new all-time high above $69,000.

The  GM 30 Index , representing a selection of the top 30 cryptocurrencies, has increased by 1.89% to 156.28 in the past 24 hours.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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