Tuesday, 25 June 2024
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BitcoinCrypto

To now outperform silver, bitcoin would need to reach $93K

  • As a result, the market capitalization of silver has climbed to $1.83 trillion, $500 billion greater than that of Bitcoin at $1.31 trillion.
  • Bitcoin is the ninth-largest asset in the world, behind only gold, silver, Microsoft, Apple, Nvidia, Google, Saudi Aramco, and Amazon.
  • Analysts at Bitfinex, a cryptocurrency trading site, forecast that Bitcoin may hit $150,000 in the upcoming year.

Silver has surged 33.4% since its peak of $73,737 on March 14 to become the eighth-largest asset by market capitalization in 2024, surpassing Bitcoin. As a result, the market capitalization of silver has climbed to $1.83 trillion, $500 billion greater than that of Bitcoin at $1.31 trillion.

As of right now, Bitcoin is the ninth-largest asset in the world, behind only gold, silver, Microsoft, Apple, Nvidia, Google, Saudi Aramco, and Amazon. Since February 13, the market capitalization of gold has increased by 22.4% to $16.4 trillion.

Bitcoin

After hitting an all-time high in March, industry analysts had differing opinions on the price of bitcoin. It is currently harder to accomplish such a feat with Bitcoin due to its larger market capitalization than it was in 2020, 2016, and 2012.

Galaxy Digital’s founder and CEO, Mike Novogratz, forecasts that Bitcoin will stay in a “consolidation phase” for the next month, hovering around $55,000 to $75,000, with a potential spike towards the end of the second quarter.

Analysts at Bitfinex, a cryptocurrency trading site, forecast that Bitcoin may hit $150,000 in the upcoming year. The primary causes of these optimistic forecasts, according to numerous industry analysts, are the post-halving effect and spot Bitcoin exchange-traded funds.

According to the Crypto Fear and Greed Index, the market sentiment score for Bitcoin is currently 70 out of 100, firmly placing it in the “Greed” category.

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