Bitcoin surpasses silver in market capitalization

On March 11, the price of the leading cryptocurrency reached an all-time high of over $72,000, pushing its capitalization to $1.42 trillion. This historic achievement puts Bitcoin ahead of silver, which currently has a market capitalization of $1.387 trillion.

Bitcoin surpasses silver in market capitalization

Bitcoin's unprecedented rise was driven by a confluence of factors, including a significant influx of capital into the crypto industry and the expectation of a slowdown in digital token supply growth (halving).

As Bitcoin continues to conquer new horizons, its market capitalization has already surpassed that of Meta (formerly known as Facebook), which now stands at $1.2 trillion.

Bitcoin's next target is Alphabet, the parent company of Google, which is currently worth just under $1.7 trillion.

However, some Bitcoin enthusiasts have an even more ambitious goal of overtaking gold as the world's most valuable asset. With gold's market capitalization at a staggering $14.7 trillion, Bitcoin would need to increase more than tenfold to over $720,000 per token to reach that level.

According to cryptanalytics firm Kaiko Research, the ongoing rally has not only driven up the price of Bitcoin, but has also led to the creation of around 1,500 new “millionaire wallets” every day.

While the exact distribution of ownership between individuals and companies remains difficult to determine based on blockchain data, this daily creation rate is lower than during the 2021 bull run, when more than 4,000 wallets per day reached the million-dollar mark.

Looking ahead, next month Bitcoin is set to experience a major event known as the halving. This process involves cutting the supply of new bitcoins in half, which is expected to contribute to bullish sentiment in the cryptocurrency market. A combination of ETF demand, limited supply and expectations of looser monetary policy have dimmed memories of the challenging 2022 bear market.

As Bitcoin continues to gain recognition and recognition, its market capitalization is also making waves in other parts of the world. The London Stock Exchange (LSE) recently announced it was accepting applications for Bitcoin and Ether exchange-traded notes, while Thailand's securities regulator signaled the opening of overseas crypto ETFs to retail buyers.

These developments highlight growing institutional interest in cryptocurrencies and the potential for wider adoption.


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