0
0
Bitcoin Flips Silver Market Cap as Price Hits New All-Time High
Bitcoin, often referred to as “digital gold,” surpassed silver’s market capitalization as it surged past $71,000, establishing a new record. This achievement has become commonplace for Bitcoin since the onset of March. On Friday, Bitcoin broke the $70,000 mark for the first time ever. By early Monday, the price climbed even further, reaching $71,239.37 at the time of reporting. It has seen a 2.7% uptick since yesterday and an 11.4% increase compared to last week.
The all-time high price of Bitcoin may vary depending on the specific exchange or price aggregator consulted. Around 9:20 Central European Time, rates stood at $71,700 on Coinbase, $71,560 on CoinGecko, and $71,607 on CoinMarketCap.
Bitcoin Rising in Market Cap Rankings
Just three months ago, Bitcoin had managed to surpass market capitalizations of prominent entities such as Tesla, Meta, and Warren Buffett’s Berkshire Hathaway as anticipation grew over the approval of spot Bitcoin ETFs. Currently, Bitcoin stands as the eighth-largest asset by market cap, valued at $1.4 trillion. While gold maintains its top position with a market cap of $14.7 trillion, Bitcoin trails behind Microsoft, Apple, Nvidia, and other top-tier companies.
One main catalyst for the bullish rally in Bitcoin’s price is the upcoming Bitcoin halving. Observers predict the halving will transpire in roughly 35 days, around April 15th. This event will decrease the reward paid to Bitcoin miners for processing new blocks on the network. With this being the fourth halving, the Bitcoin reward will decrease from 6.25 BTC to 2.125 BTC.
Ethereum’s Surge and Upcoming Upgrade
Meanwhile, Ethereum has reclaimed a value of $4,000 after initially reaching this milestone on Friday for the first time since 2021. The current price of ETH is $3,992.13, showing a 1.3% increase from yesterday and a 13.6% rise from the previous week. In terms of market capitalization, Ethereum’s $480 billion surpasses that of the SPDR S&P 500 ETF Trust, with prospects of overtaking Walmart’s $484 billion market cap soon.
Ethereum is anticipating a positive development this week in the form of the Dencun upgrade, expected to enhance transaction speed and cost efficiency significantly. This news adds momentum to the overall bullish trend surrounding Ethereum. According to developers’ insights shared with Decrypt last week, this upgrade is set to bring notable improvements to the Ethereum blockchain.
Image/Photo credit: source url
