March 12, 2024

Bitcoin Surpasses Silver, Soars Above $71,000 for the First Time Ever

Bitcoin continues its historic ascent, surpassing silver in market capitalization as it breaches the $71,000 mark for the first time ever.

In a monumental shift, bitcoin, often hailed as "digital gold", has now overtaken silver in market capitalization, surging past $71,000 and marking an unprecedented milestone.

This achievement has become somewhat routine for bitcoin since the onset of March, with the cryptocurrency consistently breaking new ground.

Friday saw bitcoin smashing through the $70,000 barrier for the first time in history, setting the stage for further gains. By Monday, bitcoin's price surged to an all-time high of $72,817, before experiencing a slight pullback to $72,000. Presently, bitcoin has witnessed an impressive 6% surge in the last 24 hours, accompanied by a remarkable 32% increase over the past 14 days.

Top 10 biggest assets worldwide

Merely three months ago, amidst growing anticipation for the approval of spot bitcoin ETFs, bitcoin managed to surpass various notable entities, including Elon Musk's Tesla, Meta, and Warren Buffett's Berkshire Hathaway, solidifying its position as the eighth-largest asset globally, with a staggering market cap of $1.4 trillion. While gold retains its top spot with a market cap of $14.7 trillion, bitcoin continues to trail behind giants like Microsoft, Apple, Nvidia, Saudi Aramco, Amazon, and Google parent company Alphabet.

As the cryptocurrency world eagerly awaits the upcoming Bitcoin block reward halving, scheduled in approximately 39 days on April 20, anticipation mounts. This event, which occurs every four years, will see the Bitcoin reward for miners reduced from 6.25 BTC to 3.125 BTC, impacting the supply dynamics of the cryptocurrency.

Meanwhile, ether, the native cryptocurrency of the Ethereum network, has surged past the $4,000 mark once again, marking its first appearance since 2021. Presently valued at $4,060, ether has witnessed a notable 5.7% surge in the last 24 hours and a substantial 28% increase over the past 14 days.

With a market cap of $488.2 billion, ether now surpasses the SPDR S&P 500 ETF Trust and is closing in on Walmart's market cap of $488.5 billion. The impending rollout of the Dencun upgrade by Ethereum developers, aimed at significantly reducing transaction costs on Ethereum L2s, further fuels optimism surrounding ether's prospects.

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