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Bitcoin jumps to world’s 9th largest asset, set to beat Silver

By:
on Mar 5, 2024
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  • Bitcoin price jumped to near $69,000 on Tuesday, pushing its market cap above $1.35 trillion.
  • That saw Bitcoin briefly overtake Silver as world's 8th largest asset by market cap.
  • If BTC price breaks above $69k, Bitcoin's market cap could surpass Silver and Amazon next.

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Bitcoin’s run to within touch of $69,000 on Tuesday saw the world’s largest cryptocurrency’s market cap surge beyond that of Silver. While brief, the flip saw Bitcoin’s market of $1.35 trillion surpass that of the precious metal at $1.33 trillion.

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Bitcoin above Meta, could flip Silver, Alphabet by market cap

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Bitcoin’s price surge to highs of $68,950 early Tuesday meant BTC climbed above Silver as the world’s 8th largest asset.

With $1.35 trillion at the time, Bitcoin sat just below Alphabet (Google) at $1.66 trillion. While BTC’s market cap is back into 9th spot after price retreated to below $68k amid massive liquidations, it remains near Silver.

Analysts expect Bitcoin price to resume an uptrend, a scenario that could see the digital asset’s market cap could properly flip that of Silver and Alphabet.

Amazon is currently at $1.84 trillion, Saudi Aramco at $2.04 trillion and NVIDIA at $2.13 trillion. A staggering rally for BTC might be interesting to watch in coming days.

However, this bull cycle might not see it flip Gold. The world’s largest asset by market cap is currently at $14.3 trillion.

Bitcoin price outlook

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Bitcoin’s price surge comes as the next block reward halving nears, the countdown of which shows it’s now just 46 days away.

The estimated Bitcoin halving date is April 21, 2024 at block height 840,000. This countdown indicates there are just over 6,700 blocks to go before the block reward halves from 6.25 BTC to 3.125 BTC.

With spot Bitcoin ETFs demand expected to gobble up more than what miners produce, analysts are saying the supply shock that follows will be massive. Spot Bitcoin ETFs are already smashing records with astounding trading volume.

Meanwhile, the crypto market is witnessing extreme greed as the Fear & Greed index reaches its highest level since early 2021.

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