- Bitcoin’s market cap stands at $2.20 trillion, surpassing silver’s $2.007 trillion.
- BTC trades at $117,901, rising 6.1%, with resistance at $118,667.
- Silver gains 9.3%, but investors reject calls to sell Bitcoin in favor of the metal.
Bitcoin reached a new milestone today, trading at $117,901 after gaining 6.1% in the last 24 hours. This surge brought its market cap to $2.20 trillion, moving it past silver’s market capitalization of $2.007 trillion. Silver, despite a recent 9.3% price increase, still lags behind the digital asset in total value.
Notably, economist Peter Schiff weighed in on the market moves. He advised investors to sell some Bitcoin and increase silver holdings before the latter’s next expected rally. He claimed that even though Bitcoin had the potential to go higher, when compared to it, the downside of silver would be limited.
Nonetheless, the sustained upward movements of Bitcoin can be backed by strong ETF inflows, expanding corporate adoption, and the regulatory frameworks. These realities have enabled momentum to be maintained, even in the face of fears of an impending correction.
Market Participants Push Back Against Bitcoin Skepticism
The broader cryptocurrency community responded quickly to Schiff’s latest commentary. Users questioned his shifting stance, noting that earlier predictions claimed Bitcoin would never reach $100,000.
These answers, on social media sites, precisely captured the public’s overwhelming support for the retention of Bitcoin rather than the switch to silver. Many pointed out how, despite historical volatility, Bitcoin has always outperformed market expectations.
In the meantime, the near-term technical outlook for Bitcoin is strong. The currency continues to trade near its $118,667 resistance point, with support still at $110,768. Traders continue to closely monitor these levels.
Silver Records Gains But Lags Behind Bitcoin in Market Valuation
Meanwhile, the price of silver appreciated by 9.3% in the past 24 hours, trading at $0.0138426. Its resistance level is $0.0138592 and support is $0.0137661. Although silver’s rallying is staggering, its market cap remains below that of Bitcoin. Bitcoin now ranks sixth on the list of global assets behind only Google in overall market value.
Even as silver has been on the rise lately, Bitcoin’s larger market capitalization and continued investor trust point toward its dominance in the evolving financial landscape.
While Schiff expects silver to outperform Bitcoin eventually, the current data shows Bitcoin holding the lead. The digital asset’s market dynamics remain driven by broader adoption trends and investor interest.
