Cryptocurrency: Bitcoin overtakes silver in global total value

The total value of the Cryptocurrency Bitcoin has exceeded the valuation of all global silver stocks for the first time. According to calculations by the specialist portal Infinite Market Cap For the first time, all Bitcoins were worth more than 1.41 trillion US dollars (1.3 trillion euros). The total value of the amount of silver mined worldwide to date (1.74 million tons) is estimated at 1.38 trillion US dollars (1.26 trillion euros).

At the beginning of the week the Bitcoin traded on the stock exchanges for around 72,000 US dollars (around 65,900 euros) each. Large investors such as Grayscale, BlackRock and Fidelity have recently been responsible for the rapid price rise. They had launched Bitcoin funds in the USA, which were approved by the US Securities and Exchange Commission in January. These crypto ETFs enable investors to invest in Bitcoin without having to directly purchase or store the digital currency itself.

The next halving is approaching

The price of Bitcoin has been increasing comparatively strongly for several months; since the beginning of the year alone, it has risen by around 62 percent against the US dollar. The next so-called halving is also likely to play a role in the strong price increase. The reward that Bitcoin miners receive for verifying crypto transactions is halved. This leads to a slower growing Bitcoin supply, which in the past has usually resulted in rising prices. The next halving is expected on April 20th.

In the past, highs in the Bitcoin price have always been followed by crashes. Since November 2021, it has fallen from around $69,000 to under $17,000 within a year. One of the things that contributed to this was: Scandal involving criminal activities surrounding the crypto exchange FTXwhich shook investor confidence from November 2022.

Crypto currently remains on the road to success

Other digital currencies are also seeing rising prices. Ethereum reached its highest level in more than two years with an increase of up to 3.5 percent to 4,054 US dollars (3,712 euros). General benefit Cryptocurrencies currently driven by the expectation of long-term falling interest rates and higher demand for the approval of exchange-traded Bitcoin funds, or ETFs.

According to experts, the London Stock Exchange’s announcement that it will now accept applications for admission of exchange-traded Bitcoin and Ether bonds for professional investors in the second quarter of 2024 also had a positive impact on prices. This is another important step for the acceptance of cryptocurrencies.

Cryptocurrency stocks are also becoming more popular. In pre-market US business, shares on the Coinbase Global exchange rose by 6.6 percent, and those of crypto miners Riot Platforms and Marathon Digital by more than four percent.