Bitcoin surpasses silver to become the eighth largest asset by market cap
Quick Take
- Bitcoin has surpassed silver to become the eighth largest asset by market cap.
- The price of bitcoin increased above the $71,000 mark on Monday, setting a new all-time high.
Bitcoin 
BTC
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's latest price rise has seen its market cap overtake that of silver, making it into the eighth largest asset in the world.
Bitcoin now has a market cap of $1.4 trillion, while silver only has a market cap of $1.3 trillion, according to CompaniesMarketCap data.
The cryptocurrency remains behind Alphabet, with a market cap of $1.6 trillion. The asset with the largest market cap globally is still gold, at a size of $14.66 trillion.
Bitcoin's price increased by around 2.4% in the past 24 hours and was changing hands for $71,621 at 6:00 a.m. ET, according to The Block's Price Page.
The bitcoin price has crossed over the $71,000 mark. Image: The Block.
RELATED INDICES
The increase in the price of bitcoin comes comes after another successful week for spot bitcoin exchange-traded funds (ETFs). According to data from BitMEX Research, the total net flow into spot bitcoin ETFs since January 11 is now $9.59 billion.
BlackRock’s spot bitcoin ETF, the iShares Bitcoin Trust (IBIT), has led the ETF race since its launch in January. According to The Block's Data Dashboard, it reached record daily inflows of $788.3 million on Wednesday, following bitcoin’s new all-time high above $69,000.
The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 1.89% to 156.28 in the past 24 hours.
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