Key Points
- Bitcoin's market cap has surpassed that of silver, making it the eighth largest asset globally.
- Spot bitcoin exchange-traded funds (ETFs), particularly the iShares Bitcoin Trust, have seen significant inflows.
Bitcoin's market capitalization has exceeded that of silver, ranking it as the eighth largest asset worldwide. The market cap of Bitcoin now stands at $1.4 trillion, surpassing silver's market cap of $1.3 trillion according to CompaniesMarketCap data.
Bitcoin's Position in the Asset World
Despite this, Bitcoin still trails behind Alphabet, which boasts a market cap of $1.6 trillion. Gold remains the asset with the largest market cap globally, at $14.66 trillion.
In the past 24 hours, Bitcoin's price has seen an increase of roughly 2.4%, trading at $71,621 as of 6:00 a.m. ET.
Bitcoin ETFs Seeing Success
The rise in Bitcoin's price follows another successful week for spot Bitcoin exchange-traded funds (ETFs). Data from BitMEX Research reveals that the total net flow into spot Bitcoin ETFs since January 11 has reached $9.59 billion.
The iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF by BlackRock, has been leading the ETF race since its launch in January. It recorded record daily inflows of $788.3 million on Wednesday, following Bitcoin’s new all-time high above $69,000.
The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, has increased by 1.89% to 156.28 in the past 24 hours.
