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- Silver and Gold have hit major milestones as they both struck all-time highs with Silver holding eighth position as the world’s largest asset by market capitalization outshining Bitcoin in the process.
- Despite the backset, speculations position Bitcoin with the potential to rally and reclaim its position in the monetary system
Gold and Silver have made the front page of the traditional financial market system. The recent commodities rally has seen Gold and Silver hit new all-time highs against the US dollar. Silver, hitting an 11-year all-time high, has made significant milestones, surpassing the majestic Bitcoin in market capitalization.
As the limelight shines bright on this traditional store of value and medium of exchange, cryptocurrency analysts and investors have kept their eyes on Bitcoin.
Since the beginning of this year, Gold prices have had a spectacular rally. This week saw Gold hitting a significant high of $2,450 per ounce. Among the factors that led to the surge are the ongoing geopolitical tensions in Iran and the anticipation of dovish monetary policies by the Fed on interest rates.
Described as a safe haven asset, Silver has stepped in holding 8th position as the world’s largest asset by market capitalization outshining Bitcoin in the process. With a remarkable market capitalization of $1.83 trillion, the second most precious metal exceeds Bitcoin’s market cap of $500 billion. Silver has undergone a 33.4% surge since Bitcoin’s record high in mid-March.
With an impressive market cap of $1.83 trillion, Silver has overshadowed Bitcoin’s $1.31 trillion market cap valuation. This has seen Silver become a sanctuary of refuge among key investors as it weakens the US dollar, and the increasing industrial demand, specifically the renewable energy industry.
Bitcoin (BTC) Eyes New ATH
As Gold and Silver continue to shine, focus unavoidably turns to Bitcoin. The trailblazing cryptocurrency in the digital asset arena has grabbed the attention of investors. Despite dangling behind Silver in market cap, Bitcoin remains a threat and a solid contender. Analysts continue to closely monitor Bitcoin’s price movement in the hope of a rally.
With some analysts supposing that Bitcoin could reach and overturn Silver, projections suggest that Bitcoin needs to rally by 40% hitting the $93,000 trading mark.
Bitcoin price has long been a subject of both scrutiny and debate among crypto investors and analysts. In the past years, Bitcoin has shown a tendency to double up in price, especially after significant events like the Bitcoin halving. However, the slow growth in Bitcoin’s Market cap has made it hard for it to replicate previous metric events.
Despite the troubles facing Bitcoin, there is still belief there is more to come and the full potential of Bitcoin is untapped. Among the believers is investor and CEO of Galaxy Digital, Mike Novogratz, who believes Bitcoin is poised for a rise specifically towards the end of Q2.
The introduction of Spot Bitcoin ETFs and the already experienced Bitcoin halving effect stand as key catalysts for Bitcoin’s chance to lead the financial monetary system.
