Silver made an impressive comeback against Bitcoin (BTC), overtaking the cryptocurrency as the 8th largest asset by market capitalization after losing its position in March. According to CoinGecko, the world’s second most valuable metal has risen 33.4 percent since Bitcoin reached a record high of $73,737 on March 14, while Bitcoin has declined by 9.5 percent.
While there has been a rapid rise in silver prices recently, the market value of silver has surpassed the market value of Bitcoin. According to Companies Market Cap, silver, with a market capitalization of $1.83 trillion, is $500 billion ahead of Bitcoin, which is worth $1.31 trillion. Bitcoin will need to rise 40 percent to $93,000 to close this gap. The current market capitalization of silver is $16.4 trillion.
Bitcoin Reached All-Time High in March
Bitcoin has been in the spotlight, reaching an all-time high in March. Industry experts have different views on how the Bitcoin price will move in the future. Bitcoin analyst Dylan LeClair noted that Bitcoin tends to double in the months after reaching new highs, especially after halving events. However, the fact that Bitcoin currently has a much higher market capitalization compared to 2020, 2016 and 2012 makes such a price increase more difficult.
“It Could Reach $150,000 in the Next 12 Months”
Mike Novogratz, founder and CEO of Galaxy Digital, predicts that Bitcoin will remain in a “consolidation phase” between $55,000 and $75,000 in the coming months, with a rally possible towards the end of the second quarter. Analysts at cryptocurrency trading platform Bitfinex predict that Bitcoin could reach $150,000 in the next 12 months.
High Forecasts in the Industry
Many experts in the industry are making very high predictions when assessing Bitcoin’s future potential. However, Bitcoin’s current high market capitalization stands out as an important factor that makes these predictions difficult to realize. Silver, on the other hand, continues to attract investors with its strong market capitalization.
