Bitcoin market cap surpasses Silver to take eighth spot in global asset rankings

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Bitcoin has climbed up the ranks to become the world's eighth most valuable asset by market capitalisation, surpassing silver, CoinDesk reported. The world's largest cryptocurrency reached an all-time high valuation of over $72,000 during the morning hours of US trading on March 11, leading to a market cap of $1.42 trillion. This has now placed it ahead of silver (valued at $1.387 trillion), according to CompaniesMarketCap.

During its historic bull run, Bitcoin had already exceeded the market cap of Meta, now valued at $1.2 trillion. The next target in Bitcoin's ascent is Alphabet, the parent company of Google, currently valued just below $1.7 trillion, the CoinDesk report said. It noted that Bitcoin enthusiasts are setting their sights on gold, the world's most valuable asset with a market cap of $14.7 trillion.

Achieving this milestone would require Bitcoin to increase more than tenfold, surpassing $720,000 per token. Bitcoin has continued its unprecedented surge, driven by a substantial influx of capital into crypto products and the imminent reduction in the digital token's supply growth, as per a Bloomberg report. It achieved an all-time peak of nearly $72,881 on March 11 and maintained a robust position at $72,165 as of 11:25 a.m.

in Singapore on March 12. A recent report by CoinShares International revealed a record $2.7 billion inflow into crypto assets last week, with a significant portion directed towards Bitcoin. Both the token and a gauge of the largest 100 coins have seen a remarkable 70 percent increase in value this year.