Bitcoin Must Hit $93,000 Again to Surpass Silver’s Market Cap Again

Bitcoin (BTC) has lost its dominance to silver with a notable difference in market value. Currently, the world’s second most valuable metal is the eighth-largest asset by market capitalization, pushing BTC to the ninth position.

Silver Outperforms Bitcoin in Market Cap

Silver’s impressive comeback follows about two months after losing its position to Bitcoin. Per data from Companies Market Cap, silver currently has a market cap of $1.83 trillion which is $500 billion more than Bitcoin’s market value of $1.31 trillion. This metric enabled the metal to make its way into ranking #8 among the largest market cap globally.

According to data from CoinGecko, the valuable metal has gained 33.4% since Bitcoin reached a record $73,737 on March 14, while Bitcoin has declined by 9.5% during this period.

Bitcoin is currently the ninth largest asset in the world, following gold, Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), Google (GOOG), Saudi Aramco (2222. SR), Amazon (AMZN), and Silver. Gold took the first position with a market cap of $16.427 trillion. According to Trading Economics, gold has also stood out with a 22.4% increase since February 13.

What Value Will Bitcoin Need to Flip Silver?

Silver’s market cap has surged to over $500 billion larger than Bitcoin despite the cryptocurrency flipping the metal just two months ago. Therefore, for BTC to surpass the metal it will need to surge by 40% to reach $93,000 that is if everything remains equal.

Furthermore, industry experts have shared different views on how Bitcoin’s price will move after reaching an all-time high in March. Previously, Bitcoin analyst Dylan LeClair said that the crypto asset tends to double within months after reaching new peaks, especially during halving events. However, considering that BTC has a significantly higher market cap now than it did in 2020, 2016, and 2012, it appears more difficult to achieve such a feat.

Galaxy Digital founder and CEO Mike Novogratz also stated that Bitcoin would remain in a consolidation phase between $55,000 and $75,000 over the next month and potentially rise towards the end of the second quarter. Additionally, analysts at the cryptocurrency trading platform Bitfinex predict that Bitcoin could reach $150,000 within the next 12 months.

The experts cited spot Bitcoin exchange-traded funds and the post-halving effect as the main drivers behind these high predictions. As of the time of publication, Bitcoin is trading at $66,697, up 0.1% over the last 24 hours.