Posted: November 14, 2024

• Bitcoin surpassed silver briefly, reaching the eighth-largest global asset by market cap.
• Rising interest in Bitcoin highlighted its role as a hedge against market volatility.

Bitcoin [BTC] recently surged past its previous all-time high, drawing attention as it approaches the $90,000 mark.

Bitcoin passed silver for a while

Reaching $89,560, BTC’s market capitalization climbed to an impressive $1.75 trillion, pushing it past silver to become the eighth-largest asset globally.

This marked the second time Bitcoin has surpassed silver this year, as reported by Infinite Market Cap.

For context, Bitcoin had first overtaken silver back in March. This second surge solidifies BTC’s position as a top global asset, a contender to watch out for.

Gold still stands above Bitcoin

The Kobessi Letter, a prominent source for capital markets insights, highlighted this achievement, noting it as a significant milestone.

However, The Kobessi Letter noted Gold’s prominence over BTC and acknowledged, 

“The fact that gold is still 10 TIMES larger than Bitcoin is incredible. Not only does this show how big gold is, but it also shows how big Bitcoin can be.”

That being said, the recent comparison to silver—a commodity long regarded as a stable store of value—reflects a shifting perspective among traditional investors, who increasingly view BTC as more than just a speculative asset.

The momentum was short-lived

However, Bitcoin’s climb was brief. The cryptocurrency saw a 1% dip and was trading at around $87,695 at press time, per CoinMarketCap.

According to the latest update from Infinite Market Cap, silver has reclaimed the eighth position in global asset rankings, pushing BTC back to ninth place.

Needless to say, Bitcoin’s performance this week has not only drawn investor attention but also boosted related indices, as many seek high-risk, high-reward alternatives beyond traditional investments.

The broader “Bitcoin Industrial Complex” index—which tracks U.S.-listed BTC ETFs, MicroStrategy, and Coinbase—has surged in activity, reaching an unprecedented $38 billion in trading volume. 

Despite gold’s market capitalization remaining more than tenfold that of Bitcoin, the appeal of BTC’s scarcity continues to draw investors looking for a strategic hedge against traditional market volatility.