In a remarkable milestone, Bitcoin has surged past silver to become the world’s eighth most valuable asset by market capitalization.

The leading cryptocurrency’s price reached an all-time high of over $72,000 on March 11, propelling its valuation to an impressive $1.42 trillion.

This historic achievement places Bitcoin ahead of silver, which currently holds a market cap of $1.387 trillion.

TLDR

Bitcoin’s market capitalization has surpassed that of silver, making it the world’s eighth most valuable asset, with a valuation of $1.42 trillion.
The cryptocurrency’s price reached an all-time high of over $72,000 on March 11, driven by a substantial influx of capital into crypto products and the imminent reduction in the digital token’s supply growth.
The success of spot Bitcoin exchange-traded funds (ETFs) launched in the United States on January 11 has been a pivotal factor in driving recent momentum, with ETFs from BlackRock Inc. and Fidelity Investments playing a crucial role.
Bitcoin’s rally is creating around 1,500 new “millionaire wallets” daily, although the exact ownership distribution between individuals and companies is challenging to determine based on blockchain data.
The upcoming Bitcoin halving event, set to occur next month, is expected to contribute to the bullish sentiment in the crypto market, as it will cut the supply of new Bitcoin in half.

The unprecedented rise of Bitcoin has been fueled by a confluence of factors, including a substantial influx of capital into crypto products and the anticipation of a reduction in the digital token’s supply growth.

The recent launch of spot Bitcoin exchange-traded funds (ETFs) in the United States on January 11 has been a significant catalyst for the cryptocurrency’s momentum.

ETFs from industry giants like BlackRock Inc. and Fidelity Investments have attracted a combined net inflow of approximately $9.5 billion, further bolstering Bitcoin’s ascent.

As Bitcoin continues to break new ground, its market cap has already surpassed that of Meta (formerly known as Facebook), which now stands at $1.2 trillion.

The next target in Bitcoin’s sights is Alphabet, the parent company of Google, currently valued just below $1.7 trillion.

Top Assets by Market Cap

However, some Bitcoin enthusiasts have their eyes set on an even more ambitious goal – overtaking gold as the world’s most valuable asset.

With gold’s market cap standing at a staggering $14.7 trillion, Bitcoin would need to increase more than tenfold, surpassing $720,000 per token, to achieve this feat.

The ongoing rally has not only boosted Bitcoin’s price but has also led to the creation of around 1,500 new “millionaire wallets” daily, according to crypto analytics firm Kaiko Research.

While the exact ownership distribution between individuals and companies remains challenging to determine based on blockchain data, this daily creation rate is lower than during the 2021 bull run when over 4,000 wallets per day reached the million-dollar mark.

Looking ahead, Bitcoin is set to undergo a significant event known as the halving next month. This process involves cutting the supply of new Bitcoin in half, which is expected to contribute to the bullish sentiment in the crypto market.

The combination of ETF demand, limited supply, and expectations of looser monetary policy has overshadowed memories of the challenging 2022 bear market, positioning Bitcoin for further growth.

As Bitcoin continues to gain recognition and adoption, its market cap has also been making waves in other parts of the world.

The London Stock Exchange (LSE) recently announced its acceptance of applications for Bitcoin and Ether exchange-traded notes, while Thailand’s securities regulator signaled the opening of overseas crypto ETFs to retail buyers.

These developments underscore the growing institutional interest in cryptocurrencies and the potential for increased mainstream adoption.

While Bitcoin’s journey to the top of the global asset rankings has been nothing short of remarkable, it is essential to note that the cryptocurrency market remains highly volatile and subject to rapid fluctuations.

Nevertheless, the recent milestones achieved by Bitcoin serve as a testament to its growing prominence and the increasing acceptance of digital assets as a legitimate asset class.

The post Bitcoin’s Unstoppable Ascent: From Digital Currency to World’s 8th Most Valuable Asset appeared first on Blockonomi.

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Filed under: Bitcoin - @ March 12, 2024 12:17 pm