Bitcoin's latest price rise has seen its market cap overtake that of silver, making it into the eighth largest asset in the world.

Bitcoin now has a market cap of $1.4 trillion, while silver only has a market cap of $1.3 trillion, according to CompaniesMarketCap data.

The cryptocurrency remains behind Alphabet, with a market cap of $1.6 trillion. The asset with the largest market cap globally is still gold, at a size of $14.66 trillion.

Bitcoin's price increased by around 2.4% in the past 24 hours and was changing hands for $71,621 at 6:00 a.m. ET, according to The Block's Price Page.

The increase in the price of bitcoin comes comes after another successful week for spot bitcoin exchange-traded funds (ETFs). …