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