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

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.

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