Bitcoin Briefly Tops Silver in Market Value, to Surpass Gold Too?

Bitcoin has had an exceptional year so far in 2024, reaching its all-time high of $73,679 on March 13. Since then, the currency has been hovering around the $70,000 mark, marking an increase of over 140% compared to the same time last year.

With Bitcoin reaching its peak in 2024 (so far) and hitting an all-time high, the digital currency briefly surpassed silver to become the eighth most valuable commodity in the world by market capitalization.

If Bitcoin continues to grow at the current rate over the next year, it is expected to reach around $170,574 by early April 2025. This achievement would propel Bitcoin into a prominent position, making it the second-largest commodity by market capitalization, surpassing silver, Amazon, Alphabet, Saudi Aramco, Nvidia, and Microsoft. However, the current market capitalization of Bitcoin provides an important indicator of what the currency’s growth potential could be in the future.

If the market capitalization of silver remains at its current value of $1.412 trillion, Bitcoin may surpass it again by increasing its current price point from $69,678 to $71,732. This would give Bitcoin an overall market capitalization of around $1.413 trillion, securing its exclusive position in eighth place on the list.

Nvidia and Apple currently occupy the fourth and third positions on the list of the top 100 commodities by market capitalization. Therefore, for Bitcoin to reach the third position, it would need an overall market capitalization of around $2.65 trillion, displacing Microsoft from second place. If Bitcoin rises by the same percentage (144.82%) in the next year, it would reach $170,574, resulting in a market capitalization of $3.224 trillion, more than enough to surpass Microsoft.

To surpass Microsoft, which has a market capitalization of $3.126 trillion, Bitcoin’s price would need to reach $165,608 per Bitcoin.

While this figure may seem excessively high compared to its current price of less than $70,000, it’s worth noting that Bitcoin’s price has increased by approximately 144.82% on an annual basis from April 2023 to the end of March 2024.

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