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Bitcoin Overtakes Silver, Becomes the Eight Largest Asset by Market Capitalization

11 March 2024
in Latest News, News
Reading Time: 3 mins read
105 3
Home News Latest News

Bitcoin has overtaken Silver to become the eighth biggest asset by market value in the world.

 According to new data from CompaniesMarketCap, Bitcoin’s value, with a total market capitalization of $1.407 trillion, now exceeds Silver’s by over $24 billion.

While Bitcoin still trails Alphabet, Google’s parent company, by over $200 billion and lags behind gold, the top-ranked asset, by more than $13 trillion, this milestone underscores the cryptocurrency’s growing prominence.

This surge in Bitcoin’s market value aligns with its recent achievement of a new all-time high (ATH) price. According to Coinmarketcap data, Bitcoin’s price currently hovers around $71,00. 

The momentum is fueled by heightened investor interest in the digital asset and the anticipation surrounding its imminent halving event.

The success of spot Bitcoin Exchange-Traded Funds (ETFs) in the U.S. financial markets, in particular, has significantly increased Bitcoin’s financial value. Data from BitMEX Research indicates that the total assets of the ten approved spot Bitcoin ETFs, excluding Grayscale’s $GTBC, have crossed $28 billion. 

Since their January launch, BlackRock’s $IBIT and Fidelity Investment’s $FBTC have emerged as dominant players in the market, accumulating $13.5 billion and $8.64 billion in assets under management (AUM), respectively. In contrast, Grayscale Trust Bitcoin Shares($GBTC) has been the least performing despite holding the largest amount of Bitcoin assets among all ETFs.

It was yet another successful trading period for spot Bitcoin ETFs in the U.S. financial markets last week. BitMEX Research reported that Friday(March 8, 202$) ‘s total net flow for all ten Bitcoin spot ETFs was approximately $223 billion.

Bitcoin’s ascent to the eighth-largest global asset underscores its increasing influence in the financial landscape, fueled by record-breaking prices, growing institutional adoption, and sustained market interest.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BTCSILVER
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Precious James

Precious James

Precious James is a seasoned forex and crypto trader who loves sharing insights through engaging and accessible content. When not analyzing markets, Precious enjoys quality time with their beloved dogs. This blend of expertise and personal passion adds a unique, relatable touch to Defi Planet's content.

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