Bitcoin closes in on Silver with a $1.3T market cap: Is Gold next?

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Bitcoin might not be worth more than Gold, but it's getting there, and Ethereum is getting stronger as a financial platform.

We know Bitcoin and Ethereum are valuable assets, but just how valuable are they when compared with other traditional assets?Their market capitalizations have grown significantly, now rivaling the valuations of many traditional companies.

The data showed that Bitcoin ranked ninth with a market cap of $1.33 trillion. Also, BTC was just behind Silver, which had a market cap of $1.8 trillion.ranked 24th with a market cap of $455 billion, notably surpassing Mastercard, which had a market cap of $413 billion.Combined, Bitcoin and Ethereum make up over 70% of the entire cryptocurrency market capitalization, meaning their price movements significantly impact the overall market.

Although the total cryptocurrency market capitalization is much smaller compared to Gold, it still holds substantial value.has recently dropped further from the $70,000 price range, leading to a decline in its market capitalization. Analysis of the daily time frame chart showed that after fluctuating between $68,000 and $69,000 for several days, it fell to around $67,000.

By the end of the trading session on 29th May, it had decreased by over 1% to approximately $67,500. As of this writing, Bitcoin was trading at around $67,900, reflecting a slight increase of less than 1%.It reached around $3,890 on 27th May, the highest level since it rose to about $4,000 in March. However, subsequent downtrends quickly halted this rise.

By the end of the trading session on 29th May, Ethereum had declined by over 2%, trading at around $3,762. As of this writing, it was trading at approximately $3,750 after a slight further decline.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.

 

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