Melvin Onwubuke
Bitcoin has now overtaken silver, the second most valuable commodity in terms of value, according to Company Market Cap. In the list of the top ten financial assets, bitcoin is now the 8th largest financial asset, beating Silver and Facebook Meta.
As the Bitcoin bull run continues, reaching a new all-time peak of nearly $72,000 today, after breaking out to almost $71,000 earlier this day, according to data from Companies Market Cap.
This new price makes Bitcoin more than 60 % higher since the start of the year and it’s reached an all-time high, and its total market cap has increased to over $1.4 trillion for the first time; which now places Bitcoin as the 8th-largest financial asset.
The value of Bitcoin, which has risen to a new market cap of $1.4 trillion, is currently higher than that of silver, the second most valuable commodity in the world at $1.381 billion.
This was not always the case as Bitcoin price was as far back as March 11, 2023, hovering between the range of $20,000 to $30,000.
In the following months, Bitcoin continued to gain traction but the turnaround happened in June when Blackrock, the world’s largest Asset Manager and also the most powerful financial organization in the world filed to launch a spot Bitcoin exchange-traded fund (ETF).
The crypto world regarded this move as a sign of support, and the hype that followed helped push the price of Bitcoin upward.
This upward surge in Bitcoin price reached a new height last week when the asset broke its 2021 all-time high for the first time. The price today is currently at $72, 271 as of the time of filing this report.
As a result, bitcoin’s market cap has reached an all-time high of more than $1.4 billion. Hence, Bitcoin is now the 8th largest financial asset in the world, ahead of silver, the 2nd largest commodity, and Facebook Meta.
