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Bitcoin officially bigger than silver as eighth largest asset in the world

By:
on Mar 11, 2024
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Earlier today, Bitcoin broke through to yet another ATH (all-time high) when its price reached 71,815.00 – and then most recently 72,000 – to the US dollar.

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According to Invezz.com‘s findings, this indicates that Bitcoin, with a market capitalization of $1.409 trillion, has attained the status of the eighth-largest financial asset worldwide, based on data provided by CompaniesMarketCap.

According to Watcher.Guru on X (formerly Twitter) as well, Bitcoin is now the eighth largest individual asset market, surpassing precious metal silver in value.

This also means that Bitcoin is worth more than both Meta Platforms and Warren Buffett’s company Berkshire Hathaway.

The Bitcoin price has climbed by over 240% year-on-year since March 2023, and over 62% within 2024 alone.

Ethereum climbs too

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Bitcoin is not the only cryptocurrency doing well in the market cap stakes.

Fellow cryptocurrency Ethereum just surpassed the SPDR S&P 500 ETF Trust as the 20th biggest financial asset in the world.

This means that Ethereum, with a market cap of $483,82 billion, is officially a larget market than both luxury group LVMH and banking industry titan Mastercard.

Reshaping the future of money

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Harsh Vardhan, Editor in Chief at Invezz, said the following on the news:

Bitcoin surpassing silver to claim its place as the eighth largest asset class in the world not only highlights Bitcoin’s growing acceptance and integration into mainstream investment portfolios, but also marks a new era where digital assets are increasingly recognized for their value and potential in reshaping the future of money.”

What the analysts say

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Commenting on the price movements, research analyst Matteo Greco of Fineqia International noted that Assets Under Management (AUM) of Exchange Traded Products (ETPs) with digital assets reached a record $80.5 billion recently, a steep 55% increase from $52 billion during February.

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