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 <p class="paragraph">Bitcoin (BTC) is on a rally, nearing its all-time high price of $69,000 while ranking among the top 10 highest capitalization just behind Silver.</p>
 <p class="paragraph">On that note, Bitcoin and Silver are the 8th and 9th most valuable assets globally, according to <em>CompaniesMarketCap</em> data. Notably, they have a $1.363 trillion and $1.329 trillion <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> cap, respectively. Just behind Google’s parent company, Alphabet Inc (NASDAQ: GOOG) with $1.662 trillion.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="287" src="https://cdn.thebittimes.com/images/2024/03/05/452794d2def05d053217290bc21f748f.webp" alt class="wp-image-158911" srcset="https://cdn.thebittimes.com/images/2024/03/05/452794d2def05d053217290bc21f748f.webp 1024w, https://cdn.thebittimes.com/images/2024/03/05/452794d2def05d053217290bc21f748f.webp 300w, https://cdn.thebittimes.com/images/2024/03/05/452794d2def05d053217290bc21f748f.webp 768w, https://cdn.thebittimes.com/images/2024/03/05/452794d2def05d053217290bc21f748f.webp 1518w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Google, Silver, Bitcoin, and Meta market cap rank. Source: <em>CompaniesMarketCap</em>
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 <h2 class="wp-block-heading" id="h-silver-s-market-cap-a-look-at-the-second-largest-commodity">Silver’s market cap: A look at the second-largest commodity</h2>
 <p class="paragraph">Besides being the 8th most valuable asset in the world, Silver is also the second-largest commodity, losing only to Gold. However, Bitcoin threatens this position, which many experts consider a digital commodity.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <p class="paragraph">Interestingly, Silver has been trading in a consolidation range since October 2022. The <a rel="noopener noreferrer nofollow" title="commodity" href="https://thebittimes.com/tag/commodity.html">commodity</a> lost a local high at $30.09 per ounce in 2021, showing a neutral momentum since then.</p>
 <p class="paragraph">Previously, it reached an all-time high at $49.83 per ounce in 2011, breaking the $48 price record from 1980.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/03/05/9b24be13b0dbf414d19675540fc682c0.webp" alt class="wp-image-158912" srcset="https://cdn.thebittimes.com/images/2024/03/05/9b24be13b0dbf414d19675540fc682c0.webp 1024w, https://cdn.thebittimes.com/images/2024/03/05/9b24be13b0dbf414d19675540fc682c0.webp 300w, https://cdn.thebittimes.com/images/2024/03/05/9b24be13b0dbf414d19675540fc682c0.webp 768w, https://cdn.thebittimes.com/images/2024/03/05/9b24be13b0dbf414d19675540fc682c0.webp 1536w, https://cdn.thebittimes.com/images/2024/03/05/9b24be13b0dbf414d19675540fc682c0.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Silver monthly price chart in USD. Source: <em>TradingView</em> (Finbold)
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 <p class="paragraph"><em>Silver Institute</em> forecasts the <a rel="noopener noreferrer nofollow" title="commodity" href="https://thebittimes.com/tag/commodity.html">commodity</a> will reach a demand of 1.2 billion ounces in 2024, the second-highest level recorded. Meanwhile, the artificial intelligence (AI) Grok predicts Silver will trade between $28 and $32 by the end of 2024. This would result in 15% to 32% gains from the current price of $24.22 per ounce.</p>
 <p class="paragraph">On Tuesday, silver attracted some dip-buying between $23.65-$23.60 and flirted with its year-to-date top after recovering from an intraday fall. The technical situation favors optimistic traders and provides hope for more increases. However, a sustained decline below $23.00 will invalidate the optimistic outlook.</p>
 <h2 class="wp-block-heading" id="bitcoin-all-time-high-can-btc-surpass-silvers-market-cap">Bitcoin all-time high: Can BTC surpass Silver’s market cap?</h2>
 <p class="paragraph">On the other hand, Bitcoin flirts with its all-time high price of $69,000, just slightly below the strong resistance.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/03/05/2f77a7b07f663a9d2add2eba716289a9.webp" alt class="wp-image-158913" srcset="https://cdn.thebittimes.com/images/2024/03/05/2f77a7b07f663a9d2add2eba716289a9.webp 1024w, https://cdn.thebittimes.com/images/2024/03/05/2f77a7b07f663a9d2add2eba716289a9.webp 300w, https://cdn.thebittimes.com/images/2024/03/05/2f77a7b07f663a9d2add2eba716289a9.webp 768w, https://cdn.thebittimes.com/images/2024/03/05/2f77a7b07f663a9d2add2eba716289a9.webp 1536w, https://cdn.thebittimes.com/images/2024/03/05/2f77a7b07f663a9d2add2eba716289a9.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC/USD monthly price chart. Source: <em>TradingView</em> (Finbold)
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 <p class="paragraph">It is worth noting that Bitcoin’s circulating supply has increased since the record price in 2021. Therefore, a $69,000 unitary price would result in a higher capitalization than before. In particular, the cryptocurrency would see a $1.355 trillion <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> cap at these prices, considering a 19.645 million BTC.</p>
 <p class="paragraph">All things considered, Bitcoin would need to break from its all-time high to take Silver’s place as the second-largest <a rel="noopener noreferrer nofollow" title="commodity" href="https://thebittimes.com/tag/commodity.html">commodity</a> and 8th most valuable asset in the world. Nevertheless, BTC’s open interest and funding rates are reaching record highs, which could threaten a correction in the short term.</p>
 <p class="paragraph">As usual, investors must be cautious and understand the inherent volatility of speculative assets like cryptocurrencies and commodities.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-nears-silver-s-market-cap-what-s-next-for-the-commodity-tbt81663.html">https://thebittimes.com/bitcoin-nears-silver-s-market-cap-what-s-next-for-the-commodity-tbt81663.html</a></p>

Bitcoin nears Silver’s market cap; What’s next for the commodity?

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