Journalist
Posted:
- Bitcoin briefly surpassed silver to become the eighth largest global asset by market capitalization.
- The increasing interest in Bitcoin highlighted its role as a hedge against market volatility.
Bitcoin [BTC] recently rose past its previous all-time high and turned heads as it nears the $90,000 mark.
Bitcoin passed silver for a while
At $89,560, BTC’s market cap climbed to an impressive $1.75 trillion, surpassing silver to become the eighth largest asset globally.
This was the second time Bitcoin has surpassed silver this year, as reported by Infinite market capitalization.
For context, Bitcoin overtook silver for the first time in March. This second surge solidifies BTC’s position as one of the most important global assets, a competitor to watch out for.
Gold is still above Bitcoin
The Kobessi lettera prominent source for capital markets insights, highlighted this achievement and called it a significant milestone.
However, The Kobessi Letter noted Gold’s prominent role on BTC and acknowledged:
“The fact that gold is still 10 TIMES bigger than Bitcoin is unbelievable. This not only shows how big gold is, but it also shows how big Bitcoin can be.”
That said, the recent comparison to silver – a commodity long considered a stable store of value – reflects a shifting perspective among traditional investors, who are increasingly viewing BTC as more than just a speculative asset.
The momentum was short-lived
However, Bitcoin’s climb was short-lived. The cryptocurrency saw a 1% dip and was trading around $87,695 per at the time of writing CoinMarketCap.
According to the latest update from Infinite Market Cap, silver has reclaimed the eighth position in the global asset rankings, pushing BTC back to ninth.
Needless to say, Bitcoin’s performance this week has not only captured investors’ attention but also boosted related indices as many look for high-risk, high-reward alternatives beyond traditional investments.
The broader ‘Bitcoin Industrial Complex’ index – which tracks US-listed BTC ETFs, MicroStrategy and Coinbase – has surged in activity, reaching an unprecedented trading volume of $38 billion.
Despite gold’s market capitalization being more than ten times that of Bitcoin, the lure of BTC’s scarcity continues to attract investors looking for a strategic hedge against traditional market volatility.
