Bitcoin market capitalization surpasses silver again: Is it because its halving is approaching?

Bitcoin's recent surge has propelled its market capitalization beyond that of silver, elevating it to the eighth position among global assets.

Bitcoin Surpasses Silver with $1.4 Trillion Market Cap

Market data from CompaniesMarketCap reveals Bitcoin's market cap now stands at $1.4 trillion, exceeding silver's $1.3 trillion valuation.

Although Bitcoin remains trailing behind Alphabet, valued at $1.6 trillion, it has surpassed silver, marking a significant milestone. Gold retains its status as the asset with the largest market cap globally, standing at $14.66 trillion.

In the past 24 hours, Bitcoin's price has risen by approximately 2.4%, reaching $71,621 as per The Block's Price Page.

The bitcoin price has crossed over the $71,000 mark. Image: The Block.

Spot Bitcoin ETFs See $9.59 Billion Inflows Since January; IBIT Leads with $788.3 Million Daily Inflows

This price surge follows a successful week for spot bitcoin exchange-traded funds (ETFs). BitMEX Research data indicates a total net flow of $9.59 billion into spot bitcoin ETFs since January 11.

The iShares Bitcoin Trust (IBIT), BlackRock's spot bitcoin ETF, has emerged as a frontrunner since its January launch. According to The Block's Data Dashboard, it experienced record daily inflows of $788.3 million on Wednesday, coinciding with Bitcoin's new all-time high above $69,000.

Additionally, the GM 30 Index, representing a curated selection of the top 30 cryptocurrencies, has increased by 1.89% to 156.28 in the past 24 hours.