This is not the flippening that cryptocurrency enthusiasts have hoped for
Silver has now surpassed Bitcoin by market capitalization following the precious metal’s most recent price surge.
The two assets are currently valued at $2.27 trillion and $2.18 trillion, respectively.
The white metal is currently experiencing yet another breakout alongside gold, recently surging by nearly 3%. This comes after the Saudi Central Bank recently revealed fresh investments in silver-linked ETFs.
Meanwhile, Bitcoin is struggling to revive its bullish momentum, currently trading below the $109,000 level after reaching its current all-time high of $124,128 earlier this month.
Mike McGlone, chief commodity strategist at Bloomberg Intelligence, has predicted that Bitcoin will keep underperforming gold.
The yellow metal is so far up by 13% against BTC, proving to be a way safer “safe haven” bet compared to the original cryptocurrency.
“History suggests the rock is poised to keep outperforming, particularly if the US stock market weakens,” McGlone said in a recent social media post.
