Bitcoin has once again demonstrated its growing influence in the financial world by surpassing the market capitalization of silver, marking yet another milestone in its journey past $71,000 and setting a new all-time high.
This achievement is part of a series of significant milestones Bitcoin has encountered since the beginning of March, highlighting its increasing comparison to “digital gold.”
On Friday afternoon, Bitcoin’s price soared above $70,000 for the first time in history. The momentum continued into early Monday morning, with Bitcoin reaching a price of $71,239.37 at the time of writing. This represents a 2.7% increase since yesterday and an 11.4% rise from last week.
As the cryptocurrency world often sees, the exact all-time high price varies depending on the exchange or price aggregator. For instance, at approximately 9:20 Central European Time, the BTC price hit $71,700 on Coinbase, $71,560 on CoinGecko, and $71,607 on CoinMarketCap.
Bitcoin’s market capitalization comparison to silver’s market cap has been highlighted by Infinite Market Cap, showcasing Bitcoin’s leap forward in valuation.
Just three months ago, Bitcoin managed to outpace major corporations such as Tesla, Meta (formerly Facebook, Instagram, and WhatsApp’s parent company), and Warren Buffett’s Berkshire Hathaway, driven by anticipation for the approval of spot Bitcoin ETFs.
This surge has positioned Bitcoin as the eighth-largest asset by market capitalization, boasting a $1.4 trillion market cap.
While gold remains the leader with a $14.7 trillion market cap, Bitcoin still trails behind tech and energy giants like Microsoft, Apple, Nvidia, Saudi Aramco, Amazon, and Alphabet (Google’s parent company).
A significant factor contributing to Bitcoin’s bullish price rally is the upcoming Bitcoin halving, estimated to occur in approximately 35 days on April 15, according to NiceHash. The halving event, which reduces the reward for Bitcoin miners, has historically been a catalyst for price increases.
Ethereum’s growth
Meanwhile, Ethereum has also seen notable growth, reclaiming the $4,000 mark after first reaching it last Friday since 2021. Despite some resistance, Ethereum’s price stands at $3,992.13, marking a 1.3% increase since yesterday and a 13.6% gain from last week.
Ethereum’s market cap of $480 billion positions it above the SPDR S&P 500 ETF Trust and close to overtaking Walmart’s $484 billion market cap, as reported by Infinite Market Cap
