Bitcoin Market Cap Nears 50% of Silver, Surpasses 32% of FTSE’s 100
Published on January 18, 2021
Data presented by Trading Platforms indicates that Bitcoin’s market cap of $666 billion is almost half of Silver’s at 48.61% which is at $1.37 trillion. The data is as of January 17, 2021.
Bitcoin can potentially surpass silver’s market cap
Compared to the FTSE 100, Bitcoin’s market cap is at 32.33% of the index’s $2.06 trillion. The digital asset’s market capitalization stands at 17.52% of the NIKKEI’s index of $3.08 trillion.
Bitcoin also trails Gold accounting for 6.28% of the precious metal’s $10.60 trillion market cap. In comparison to the S&P 500, Bitcoin falls behind accounting for 2.10% of the index’s $31.66 trillion market cap.
The research highlights the implication of Bitcoin’s surge in market cap compared to silver. According to the research report:
“By hitting almost half of Silver’s market capitalization, it is a great achievement for Bitcoin that has only been around for about 12 years. Silver has been a precious metal for ages. This potentially means that Bitcoin has high chances of surpassing Silver’s market cap in the future.”
The rise in Bitcoin’s market capitalization correlates with a period the asset has significantly rallied hitting a new all-time high of $41,000 on January 8. Overall, digital currency is still a relatively smaller asset class than the traditional asset classes.
Bitcoin’s acceptance among key figures in the financial world has led to a correlation metric with the traditional stock market and assets. The correlation is a metric to follow in determining where Bitcoin stands as an alternative investment platform. The comparison continues as the Bitcoin market matures, and more institutional money enters the space.